Purchasing bitcoin over the past two years, El Salvador has been at the forefront of the crypto industry, becoming the first country to actively add btc to its reserves. Throughout the bear market, the country's bet on bitcoin seemed like a failure as the price of btc plummeted and the country's investment fell into losses. However, there has been a turn in the tide, with bitcoin surpassing $60,000 and returning El Salvador to gains.
Do not sell despite 40% profit
In the wake of the cryptocurrency market's recovery and bitcoin surpassing $60,000, El Salvador's President Nayib Bukele has revealed how the country's investment is faring. According to Bukele, investment has increased significantly, with profits of over 40% so far. However, even with such huge profits, the president says they have no intention of selling. For him, 1 btc is equal to 1 btc, and that is what matters.
Bukele also criticized the media for publicizing the country's btc losses over the past two years and not talking about its gains now. “It is very revealing that the authors of these articles, the 'analysts', the 'experts', the 'journalists' are now completely silent,” the president wrote.
https://x.com/nayibbukele/status/1762867369217532125?s=20
El Salvador had started buying bitcoin in 2021 after converting the cryptocurrency into legal tender. Over the years, the country's bitcoin reserves grew as more btc was purchased, further reducing the average cost of investment.
Currently, El Salvador is one of the countries with the largest bitcoin holdings, with almost 2,800 btc. Most of the btc held by the country was purchased in recent years. However, President Nayib Bukele revealed that his bitcoin citizenship program is now the main source of btc revenue.
Countries with the largest bitcoin holdings
Although El Salvador's bitcoin holdings are significant, it is far from the country with the largest btc holdings. That title goes to the United States, followed by China in second place. Interestingly, the countries with the largest holdings of btc did not buy them. Rather, they come from seizures made in connection with criminal activities.
According to available data, the United States is the country with the largest btc holdings, with more than 207,000 btc. Next on the list is China with over 194,000 btc. Then in third place is Germany with 50,000 btc, ahead of the Ukrainian government with 46,351 btc. Then, El Salvador is ahead of Finland, the latter with around 1,981 btc.
However, when it comes to bitcoin investments, MicroStrategy takes the lead. The company has been selling shares since 2020 and buying bitcoin. At the time of writing, MicroStrategy now owns 193,000 btc after its last purchase of 3,000 btc. This brings the total value to $12,117 million, and with a cost base of $6,087 million, the company makes more than $6 billion in profits.
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btc price at $62,800 | Source: BTCUSD on Tradingview.com
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