central american country, The Savior has made significant profits from its extensive bitcoin reserve. The country that previously accepted bitcoin as legal tender It has now made hundreds of millions of dollars in profits, as bitcoin recently surpassed $66,000.
El Salvador bitcoin Profits Soar
El Salvador's bold bet on bitcoin continues to bear fruit as the country's earnings have increased significantly following the cryptocurrency's rise to $66,000 on May 16, 2024. Over the past three, the country has aggressively accumulated an astonishing amount of btc.
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Against all criticism and discouragement on the part of the International Monetary Fund (IMF)El Salvador adopted bitcoin as legal tender in 2021. Since then, the country has continued bitcoin.gob.sv/” rel=”nofollow noopener” target=”_blank”>increase your bitcoin reserves, acquiring the cryptocurrency by any means, whether through direct purchase or mining.
According to the bitcoin office of El Salvador, the country has around 5,751 btc valued at approximately $379 million using the current bitcoin price. Since 2021, the Central American country has mined a total of 474 bitcoin worth approximately $29 million, embracing green energy using its volcanic geothermal energy to facilitate mining activities.
In March, when the price of bitcoin had reached a bitcoin-news/bitcoin-whale-217-million-profit-btc-73000/” rel=”nofollow noopener” target=”_blank”>new all-time high above $73,000, the Central American country had made significant profits, experiencing a slight drop as the price of bitcoin gave up gains to trade below the $60,000 price mark. Now, with bitcoin rising once again, the country's profits are steadily increasing.
El Salvador President Nayi Bukele, member bitcoin advocate, has championed cryptocurrency as a means to promote economic growth and improve financial inclusion in the country. President Bukele previously revealed, on February 2, 2024, that the country does not plan to sell his bitcoin assets. InsteadYour goal is to continually add more to your digital asset pool.
bitcoin rises above $65,000
bitcoin rose above $66,000 this week, the first time since April 24, 2024. The pioneering cryptocurrency has recorded a 6.74% increase in the last 24 hours and is currently trading at $65,993.
Following the bitcoin/fourth-bitcoin-halving-completed/” rel=”nofollow noopener” target=”_blank”>Halving bitcoin April 20 event, the cryptocurrency experienced a massive crisis, recovering most of the gains made after its March rally. At the time, bitcoin's skyrocketing value was fueled by growing demand for bitcoin Spot ETF.
According to cryptoanalyst Ali Martínez, the cryptocurrency market is still in its infancy. x.com/ali_charts/status/1790767366650974440?s=46″ rel=”nofollow” target=”_blank”>highlighting that bitcoin was just 25 days after the bitcoin halving and suggests that the cryptocurrency could rise even further once btc/bitcoin-price-bearish-60k/” rel=”nofollow noopener” target=”_blank”>bearish sentiment decreases.
Currently, bitcoin's daily trading volume has seen significant upward momentum, highlighting the growing interest of cryptocurrency investors and traders in the industry. The cryptocurrency's 24-hour trading volume of approximately $42.3 billion has increased by more than 70.27%. Furthermore, its general bitcoin/1-3-trillion-bitcoin-market-cap-sets-new-record-all-time-high/” rel=”nofollow noopener” target=”_blank”>market capitalization has increased by more than 1.3 trillion dollars, which represents a daily increase of 6.56%.
Chart by Tradingview.com
