Three-Year Anniversary: How El Salvador's Bitcoin Bet Has Fared

Author

Finixyta
September 10, 2024

# Three-Year Anniversary: How El Salvador's Bitcoin Bet Has Fared

Alright, folks, let's dive into the latest developments regarding El Salvador's Bitcoin adoption. Three years ago, President Nayib Bukele made Bitcoin legal tender in the country. So, buckle up and let's get into it.

## Three-Year Anniversary: How El Salvador's Bitcoin Bet Has Fared

El Salvador's President Nayib Bukele is known as a Bitcoin maximalist. Three years ago, he made history by making Bitcoin legal tender in El Salvador and started regular BTC purchases to boost the country's reserves.

Since then, the country has been buying one Bitcoin daily as part of its BTC adoption strategy. According to the "Nayib Bukele Portfolio Tracker," this strategy has yielded a fiat gain of over $40 million.

In total, El Salvador currently holds 5,868 Bitcoin, valued at approximately $325 million. The national BTC reserves have been securely stored using a hardware wallet since March, for which Bukele provided a public wallet address.

The average purchase price was $43,887, meaning the Central American Bitcoin pioneer has clearly benefited from the rise in the BTC price since the beginning of the year. At the time of writing, the leading cryptocurrency is trading at $57,050.

The main source of funding for these regular BTC purchases is the new citizenship program, which aims to attract digital nomads from Western countries.

A well-known representative of the German-speaking Bitcoin community already lives in El Salvador. You can read more about it here: "Living in El Salvador: Why Lina Seiche Exchanges Bitcoin for Cash."

Recently, the government announced a Bitcoin education initiative for 80,000 public administration employees. "These educational projects are engagements with low time preference for the long-term success of El Salvador and its Bitcoin (and technology) policy," explained the director of the Bitcoin Office.

An important lesson for private investors from the case of El Salvador: Timing is everything. Despite initial criticism and a price drop, Bukele did not waver and is now reaping the rewards. You can learn more about this here: "Why Saving Thanks to Bitcoin Is Worth It Again."

## The Bottom Line

So, there you have it, folks. El Salvador's Bitcoin bet has yielded significant gains over the past three years. Whether you're a seasoned crypto investor or just starting out, it's important to stay informed and stay vigilant.

Crypto is a wild and exciting world, but it's also a complex one. So, always do your own research, consult with professionals, and remember that what goes up can also come crashing down.

## Disclaimer

Alright, folks, before we wrap up, it's time for the obligatory disclaimer. This article is for entertainment and educational purposes only. It's not financial advice, and I'm not your financial advisor. Always do your own research and consult with a professional before making any investment decisions.

Crypto is a wild and unpredictable beast, and what goes up can just as easily come crashing back down. So, be smart, be cautious, and most importantly, have fun out there. After all, isn't that what life's all about?

Until next time, stay curious, stay informed, and keep your eyes on the prize. The world of finance is waiting, and it's a wild ride. So, buckle up and let's enjoy the journey together.

Happy investing, folks!