- El Salvador’s ‘Digital Gold’ vault has surpassed $400 million in market value.
- Earlier this month, Mr. Bukele posted the public address of El Salvador’s BTC.
- Two weeks after Bitcoin hit a new all-time high, El Salvador continues to DCA.
El Salvador’s recently re-elected President, Nayib Bukele, is making good on the Latin American country’s promise to acquire one Bitcoin (BTC) a day. In a message on X, Bukele revealed that the country’s stash has reached 5,700.
A few weeks ago, El Salvador shocked the cryptosphere by presenting a physical vault with a built-in hardware wallet to store the country’s BTC reserves. In addition, the lump sum in the cryptocurrency address that’s publicly available for tracking indicated a far larger amount than previously expected.
El Salvador’s Bitcoin Stash Revealed
Earlier this month, El Salvador’s estimated BTC stash was said to have nurtured a $85 million profit, according to data from NayibTracker.
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On March 15, 2024, Bukele revealed there was a physical BTC vault inside El Salvador. This location is unknown to the public, but the vault’s crypto address has been publicized on X, as Bukele showcased a 5,689 balance in a cryptic tweet, inspiring crypto aficionados to contribute with numerous digital relicts being sent there.
El Salvador’s Bitcoin address shows 11 BTC added in the past 11 days by Bitfinex, the official partner of El Salvador in their Bitcoin program. This totals El Salvador’s holdings to 5,702 Bitcoins at the time of this publication, worth $402 883 744.
How El Salvador Benefits From Pioneering Bitcoin
El Salvador pledged to buy one Bitcoin a day, based on the Dollar Cost Average (DCA) strategy. Bukele even declared that the country will keep topping up on its BTC stash until it becomes “unaffordable with fiat currencies.”
Popular YouTuber Wealthy Expat named the available citizenship for a $1 million investment via BTC as one of the strong points for El Salvador to become a leading cryptocurrency hub in the next decade.
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Finally, the erased tax on all IT startups and the recently implemented 0% tax for foreign-sourced income play a key part in this prediction, as El Salvador’s Bitcoin Office continues to recruit visitors and investors through the Freedom Visa Program.
On the Flipside
- Many of El Salvador’s foreign investors, including Wall Street, are awaiting the highly-anticipated issuance of El Salvador’s Volcano bonds.
- These Bitcoin-backed Volcano bonds were due for an early 2024 release but were postponed numerous times until further notice.
Why This Matters
El Salvador declared Bitcoin a legal tender in 2021, paving the way for other countries to embrace blockchain technology and adapt it for everyday use.
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