In 2021, El Salvador embarked on a crazy bet: to make bitcoin a legal tender, on par with the dollar. At the time, there was widespread skepticism and criticism, including from the IMF, which saw the idea as economic heresy. Yet Nayib Bukele and his government held firm. Today, with BTC surpassing $100,000, the country's unrealized gains are at an all-time high. A look back at this daring adventure and its impressive figures.
Bitcoin at $100,000: a gold mine for El Salvador
Bitcoin news: El Salvador spent almost $270 million to acquire 6,180 BTC since September 2021. While many predicted a financial disaster, the country now displays unrealized gains exceeding $333 million.
By adopting a daily purchase strategy (DCA), Nayib Bukele strengthened the national treasury, while silencing skeptics.
Some key figures:
- 6,180 BTC detained by El Salvador;
- An average purchase price of $44,739.88 by bitcoin;
- An increase of 122% since the first investments.
Bukele, visibly satisfied, did not fail to celebrate this success on social networks by proudly sharing the performance of the national portfolio.
“ Dunk on the haters » (“Crush the haters”), he wrote in response to an Internet user on X. A way of reminding us that perseverance pays, especially in the unpredictable world of crypto.
The price of BTC transforms El Salvador
In addition to the financial benefits, the adoption of bitcoin has boosted other sectors. Tourismin particular, has experienced strong growth. The country is now seen as a paradise for crypto loversattracting investors and curious people from all over the world.
However, this success story did not silence the critics. The IMF continues to denounce the financial risks and calls for a step back. Julie Kozack, communications director of the IMF, recently launched a new offensive and recommended limiting public sector exposure to BTC and restricting the scope of the Bitcoin law.
But in the face of these pressures, El Salvador continues to chart its own path, banking on the flagship crypto as a lever for economic development and financial independence.
In conclusion, despite impressive gains, the IMF remains skeptical and urges El Salvador to review its copy. Recommendations include a strengthened regulatory framework and a reduction in the scope of the Bitcoin law. But Nayib Bukele seems determined to let history decide.
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