{"id":4403,"date":"2024-12-18T13:02:57","date_gmt":"2024-12-18T13:02:57","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=4403"},"modified":"2024-12-18T13:02:57","modified_gmt":"2024-12-18T13:02:57","slug":"el-salvadors-bitcoin-holdings-cross-632-million-drawing-bukeles-praise","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=4403","title":{"rendered":"El Salvador\u2019s Bitcoin Holdings Cross $632 Million, Drawing Bukele\u2019s Praise"},"content":{"rendered":"
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Analysts reported that a South American country is among the Bitcoin investors who greatly benefit from the Donald Trump-fueled crypto bull market as its digital asset portfolio reaches new heights.\u00a0\u00a0\u00a0<\/p>\n

The value of El Salvador\u2019s Bitcoin<\/a> holdings soared to $632 million after the firstborn crypto hit a new all-time high of $106,488 per coin.\u00a0\u00a0\u00a0<\/p>\n

Portfolio Increased By Over 133%<\/strong><\/h2>\n

El Salvador President Nayib Bukele was elated<\/a> to share on his X account the massive gains his country earned by investing in Bitcoin as the crypto\u2019s price went beyond $106k.<\/p>\n

Bukele proudly posted on social media that the Bitcoin portfolio of the South American country has soared by 134% to reach $632 million. The alpha cryptocurrency hit another milestone, a record-high of $106,488, boosting the value of El Salvador\u2019s crypto holdings.<\/p>\n

\n

\"\ud83d\ude0c\" pic.twitter.com\/w9FrMmCkwi<\/a><\/p>\n

\u2014 Nayib Bukele (@nayibbukele) December 16, 2024<\/a><\/p>\n<\/blockquote>\n

The South American president showed in his post that the country earned more than $350 million from its Bitcoin investment, benefitting from the latest rally of the crypto.<\/p>\n

Bukele engineered the country\u2019s investment strategy in Bitcoin, wherein El Salvador bought 5,966 BTC which was initially worth $270 million. Now, the nation\u2019s Bitcoin holdings stood at $632 million as BTC\u2019s price<\/a> went above $106,000.<\/p>\n

Bitcoin As Legal Tender<\/strong><\/h2>\n

In 2021, El Salvador announced that it adopted Bitcoin as a legal tender in the country, making the South American nation the first country to make that move.<\/p>\n

Bukele believes that Bitcoin would allow the country to become less reliant on the US dollar, adding that the crypto could be used to promote financial inclusion and drive economic growth.<\/p>\n

<\/p>\n

However, many of the country\u2019s citizens were skeptical about crypto, raising concerns about the volatility associated with digital assets.<\/p>\n

Skepticism on Bitcoin further deepened in 2022 after the BTC price dropped below $17,000, making El Salvadorans more worried about the investment strategy.<\/p>\n

But now, it seems Bukele\u2019s crypto gamble has paid off as the value of the country\u2019s crypto portfolio surpassed $600 million.<\/p>\n

\"\"
\nBTC price retreats to $104k in the last 24 hours. Source: Coingecko<\/a>
\nIMF Calls On El Salvador To Reconsider<\/strong><\/p>\n

El Salvador might have achieved a milestone in its Bitcoin investment. However, the International Monetary Fund<\/a> (IMF) is still not convinced by the massive profits from crypto, urging Bukele\u2019s administration to reconsider its stance on Bitcoin.<\/p>\n

Analysts believe that crypto remains a double-edged sword because of its volatility, noting that the crypto\u2019s current price might be impressive but it could also drop in value.<\/p>\n

Bukele continues to hold its ground on his BTC investment even announcing a proposal to transfer some of the country\u2019s BTC assets to a cold wallet stored securely within the nation\u2019s borders.<\/p>\n

Moreover, he is also considering the establishment of Bitcoin City which he envisioned to be a futuristic, tax-free hub that will be powered by the country\u2019s geothermal energy.<\/p>\n

Featured image from DALL-E, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Analysts reported that a South American country is among the Bitcoin investors who greatly benefit from the Donald Trump-fueled crypto bull market as its digital asset portfolio reaches new heights.\u00a0\u00a0\u00a0 The value of El Salvador\u2019s Bitcoin holdings soared to $632 million after the firstborn crypto hit a new all-time high of $106,488 per coin.\u00a0\u00a0\u00a0 Portfolio […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-4403","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4403"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4403\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}