El Salvador, the pioneering country that approved Bitcoin as legal tender, has consistently adhered to its HODL strategy, even amidst the market crash from two years ago and the massive rise toward new ATH this week.President Nayib Bukele’s Bitcoin strategy was questioned after its value dropped from $69,000 in November 2021 to $16,000 a year later. However, the investment returned to profitability when Bitcoin surpassed the average purchase price of $42,600 in February.
While the amount is based on public tracking data, it does not account for all the country’s Bitcoin. In a Tuesday post on X, President Nayib BukeleThese include earnings from a unique citizenship passport scheme that involves converting Bitcoin into U.S. dollars for the benefit of local enterprises, proceeds from BTC mining operations, and income generated from various government-provided services.
The largest transaction involved a transfer of 4,000 BTC, equivalent to $273 million, on March 14, approximately two hours following President Bukele’s news announcement. For the first time, President Bukele has linked the country’s Bitcoin assets to a specific wallet address, moving away from his usual social media method for updates on the national Bitcoin stockpile.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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