Although questions have been raised about the administration of El Salvador’s President Nayib Bukele, Currently, the Bitcoin cryptocurrency purchase strategy is bearing fruit for the country After the price of the digital currency reached almost $73,000.
After the first three years of his administration, Bukele announced that the Central American country will begin purchasing the cryptocurrency, making Bitcoin legal tender in the country., At that time its price was only $51,000.
crypto treasure of El Salvador acquired 200 Bitcoin coins for the first time in September 2021The government received a lot of criticism that same year as the crypto asset fell from $69,000 (an all-time high) to $16,000, one of its lowest prices, in November.
However, there has been an improvement in cryptocurrencies since the beginning of this year that has allowed El Salvador achieved a 70% gain on the average purchase price, which translates to $85 million dollarsIn total, the country holds a portfolio of 2,861 BTC currently valued at $207.3 million.
But, these are not the only entries for cryptocurrencies that the Bukele government has, the President highlighted this Tuesday The country has other additional income such as passport program Which is about providing citizenship to foreigners who donate Bitcoin to government programs.
Additionally, there are profits from local companies converting BTC to USD, income from BTC mining, and ultimately income from government services. for that reason, It is estimated that if the cryptocurrency reaches $100,000, El Salvador could become economically solvent. To repay the loan from the International Monetary Fund (IMF).
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(TagstoTranslate)Bitcoin(T)El Salvador(T)Nayib Bukele