El Salvador's President Nayib Bukele on Thursday shared a photo of the country's Bitcoin cryptocurrency portfolio, stating that the country holds $573 million worth of Bitcoin, a gain of 113.84 percent as a result of the recent surge in the value of the cryptocurrency. It was shown that it was increasing.
Bitcoin is experiencing record-breaking undulation in daily value Continue President-elect Donald Trump defeated Vice President Kamala Harris in the US presidential election. On Thursday, Bitcoin surpassed $98,000 for the first time in its history and is still hovering around that value at the time of writing.
In addition to fighting violent criminal organizations in El Salvador, the adoption of the Bitcoin cryptocurrency has become a core policy of the Boucle administration. In 2021, El Salvador will officially become adopted It introduced Bitcoin as a legal tender and became the first country to do so. Bitcoin has joined the US dollar as one of the country's two official currencies. El Salvador has begun purchase When Bitcoin becomes a cryptocurrency hovered Approximately $52,600.
Bukele used the Stories feature on his Instagram account to publish a photo of the country's Bitcoin portfolio on Thursday. The information in the photo showed that the country made a 113.84 percent profit from its Bitcoin reserves due to the continued appreciation, with an unrealized profit of $305 million and a current balance of $573.25 million. When you post using Instagram's story feature, automatically Expired 24 hours later.
According to the information in the image, El Salvador has invested $268 million worth of Bitcoin.
Bukele attached a screenshot of his portfolio information to another story post on “Chill Guy.” memeedited to resemble him.
Instagram Screencap/@NayibBukele
He also shared the original image on his Twitter account.
On Thursday, multiple cryptocurrency news organizations reported The value of the cryptocurrency bearing the image and name of the “Chill Guy” meme has “soared” after Bukele. share 65% of memes on Twitter undulation The value of “Meme Coin” changes in 90 minutes.
Since then, artist Philip Banks, who painted the original dog meme image “Chill Guy” in 2023. announced He said he would take legal action against individuals or groups who use memes for virtual currency or other profit-related purposes.
At the time of writing, a public tracer known as 'Nayib Bukele Portfolio Tracker' is in use. Estimation The country's total Bitcoin holdings are approximately $556 million.
March, Bukele announced El Salvador's roughly $400 million worth of Bitcoin holdings were stored in “cold wallets,” which were kept securely in physical vaults within the country. What is “cold wallet”? device Being completely disconnected from the internet prevents hacking attacks and intrusions that could lead to loss of assets. All Bitcoin resides within an online blockchain, so a “cold wallet” does not store the cryptocurrency itself. Rather, it contains the means to access the assets in your account.
Bukele's bitcoin policies have been widely criticized over the past year by international organizations, including the International Monetary Fund (IMF). prompted El Salvador's president plans to revoke Bitcoin's status as legal tender in 2022, saying it could “destabilize the country's economy.”
“I told you so,” Bukele boasted last week when El Salvador’s unrealized gains in Bitcoin exceeded the $100 million threshold.
During his presidency, campaignPresident-elect Trump has vowed that his next administration will adopt policies that support Bitcoin and other cryptocurrencies.
Christian K. Caruso is a Venezuelan writer who chronicles life under socialism. You can follow him on Twitter here.
