Since Adopting Bitcoin As Currency, El Salvador Profits Increase $84M

March 13, 2024

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*Salvadoran President Nayib Bukele and Mexican architect Fernando Romero viewing a model of the Bitcoin City airport in 2022*
*Image by Casa Presidencial El Salvador*

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El Salvador was the first country to adopt Bitcoin as an official currency in 2021. The government of El Salvador also began purchasing BTC for its currency reserves at that time.

The nation owns approximately 2,380 BTC.

El Salvador’s treasury is now sitting on $84 million in unrealized profit from their $BTC purchases that started in September 2021.

“When bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” Mr Bukele wrote on X, formerly Twitter, on Thursday, when bitcoin was trading at around $60,000.

“Now that bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40 per cent (just from the market purchases), and our main source of BTC is now our citizenship program.

“We won’t sell, or course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now); but it’s very telling that the authors of those hit pieces, the ‘analysts’, the ‘experts’, the ‘journalists’, are totally silent now. Remember this, next time they spill lies again about El Salvador.”

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Author

L Todd Wood

L Todd Wood, a graduate of the U.S. Air Force Academy, flew special operations helicopters supporting SEAL Team 6, Delta Force and others. After leaving the military, he pursued his other passion, finance, spending 18 years on Wall Street trading emerging market debt, and later, writing. The first of his many thrillers is "Currency." Todd has been a national security columnist for The Washington Times and contributed to One American News, Fox Business, Newsmax TV, Moscow Times, Novaya Vremya (Ukraine), the New York Post, National Review, the Jerusalem Post, Zero Hedge and others. He is also founder/publisher of CDM. For more information about L. Todd Wood, visit LToddWood.com.