- El Salvador’s Bitcoin (BTC) stash is now at a $85.88M profit.
- President Nayib Bukele reveals other BTC-linked incomes.
- El Salvador drops income tax, receiving praise on Twitter.
El Salvador is making huge profits thanks to its Bitcoin acquisition strategy. President Nayib Bukele has also generated other BTC-related incomes that have bolstered the growth of the Central American nation.
In response to a tweet shared on March 11, 2024, by known crypto influencer Crypto Rover, Bukele chimed in to list all the income resources. These include Bitcoin revenue from El Salvador’s passport and citizenship program, converting fees, Bitcoin acquired from mining using solar power, and BTC revenue from governmental services.
According to El Salvador’s Bitcoin portfolio tracker, the nation’s BTC holdings are now worth $207,834,433.20. Growing by 70% by all-time performance, El Salvador’s Bitcoin is now $85,884,033.30 more than when initially bought, according to NayibTracker.
El Salvador Reforms Income Tax Law, Bitcoiners Win
Meanwhile, the country’s government continues to make huge strides towards becoming a crypto-friendly destination with an innovative hub for technology talents. Today, the El Salvadoran Congress approved a law eliminating income tax for international investments and money transfers, previously capped at 30%.
The latest move aligns well with El Salvador’s long-term plan to establish a tax-free haven for IT projects. Bukele recently met with Middle Eastern representatives, sparking speculation about heavy sovereign investors jumping on the BTC train.
While the rumors are unconfirmed, the country is already heavily involved in mining Bitcoin via its Volcano Energy program, utilizing volcanoes and other renewable resources to build one of the most powerful BTC mining facilities on earth, with the white paper promising a mining capacity of up to 241 MW.
As the country’s Bitcoin holdings start to pay off, Bitcoin-powered services like the Volcano investment bonds, digital citizenship, and business tax relief will likely expand similarly to Dubai, UAE, to become the next global crypto hub.
On the Flipside
- Many crypto enthusiasts on X are asking for an update on the Bitcoin-backed Volcano bonds, allowing investors to invest in El Salvador’s Bitcoin activities via foreign bonds.
- According to earlier statements by government officials, these Volcano bonds have been postponed several times before and are due for issuance in Q1 2024.
- The demand for Volcano bonds went parabolic after El Salvador’s foreign investment bonds, yielding 70% yearly gains, attracted Wall Street’s attention in August 2023.
Why This Matters
El Salvador is fostering blockchain technology to solve economic, social, and educational issues while attracting foreign investors and crypto aficionados.
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