The bitcoin (BTC) treasury of El Salvador currently has $84 million in unrealized profit on the assets it began buying in September 2021.
The nation of Central America’s bitcoin treasury reached over $206 million as of Tuesday, a 69% increase on starting capital due to the cryptocurrency’s 250% surge over the previous year. According to data, it has 2,681 BTC, which it bought over the course of 12 different transactions for an average of $42,600.
El Salvador became the first nation to recognise bitcoin as legal tender in 2021 when a historic “Bitcoin Law” put the cryptocurrency on par with the US dollar. Since then, bitcoin can be used to pay for taxes, products, and services.
President Nayib Bukele stated on Tuesday that as a result, the country is gaining even more bitcoin from revenue from other services. The aforementioned sources of income are bitcoin mining, money from government services, and proceeds from a citizenship passport programme that exchanges bitcoin for US dollars for local businesses.
In December, the nation unveiled the “Freedom VISA,” which grants residency to up to 1,000 individuals annually who invest at least $1 million in bitcoin or USDT stablecoins. According to reports, those who are successful are given permanent residency permits and a route to full citizenship.