El Salvador’s president, Nayib Bukele, has expressed his delight as the country’s Bitcoin portfolio records massive gains with BTC’s surge past $106,000.
Bukele took to X to highlight the milestone, sharing El Salvador’s Bitcoin portfolio gains. Per the tweet, the country’s stash of the premier asset has crossed the $632 million valuation mark.
El Salvador’s Bitcoin Stash Tops $632M
Notably, a screenshot of El Salvador’s Bitcoin Office platform shows that the portfolio hit $632 million when Bitcoin reached a new all-time high of $106,488. Of the total portfolio value, the country invested $270 million to purchase its 5,966 BTC stash.
Bukere’s post shows that El Salvador has an unrealized profit of $362 million, a staggering 133.95% portfolio increase. Notably, the chart shows that the country’s wallet surged from around $100 million in late 2023 to the new high.
Meanwhile, El Salvador maintains its practice of buying one Bitcoin daily until it becomes impossible to acquire with fiat. At the time of writing, the country’s portfolio has reduced slightly to $619 million, following Bitcoin’s retracement to $103,851.
Earlier last year, when El Salvador’s Bitcoin bet started paying off, Bukele criticized legacy media outlets for predicting doom for the country following its adoption of Bitcoin. Despite the country’s massive profits, the IMF still urged the El Salvadoran government last month to reconsider its Bitcoin stance.
Bitget Acquires BSP License in El Salvador
Meanwhile, as El Salvador pursues its Bitcoin-friendly policies, the leading crypto exchange, Bitget, has announced that it has received an official license to operate in the country. In a blog post on Dec 13, Bitget noted that it has acquired the Bitcoin Service Provider (BSP) license from the El Salvadoran Central Reserve Bank.
The authorization allows Bitget to service El Salvador’s residents, offering them Bitcoin-to-fiat conversion, payments, and custody services. Meanwhile, Bitget will pursue the Digital Assets Service Provider (DASP) license, allowing the exchange of a wider range of offerings in the country.
Bitget’s Chief Business Officer, Min Lin, stated that El Salvador is a pioneer in the Bitcoin sector. He sees El Salvador’s entrance as a gateway to unlocking cryptocurrency’s potential and driving a competitive change in the real-world use case.
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