El Salvador’s Bitcoin reserves soar to an all-time high of $164 million, with profits surpassing $50 million.

The government of El Salvador is now sitting on Bitcoin worth over $150 million, according to the latest data from BitcoinTreasuries. This is a significant increase of $50 million from their initial investment. Ever since Bitcoin was approved as legal tender in El Salvador in 2022, the country’s Bitcoin holdings have skyrocketed from rags to riches. President Nayib Bukele announced that the government would purchase 1 BTC per day, resulting in a total of approximately 2,380 BTC ($158.5 million). At Bitcoin’s new all-time high on March 5, this amounted to $164.7 million, a whopping 53% more than what El Salvador initially spent. Each BTC was purchased at an average price of $44,300. Bukele recently criticized mainstream media for their coverage of the government’s economic policy, stating that they focused on losses when the market price was low but failed to acknowledge the profit potential now that the price has risen. Despite being a pioneer in adopting a “Bitcoin standard,” El Salvador has yet to be joined by other nation-states, despite rumors of potential adoption in South America and elsewhere. Samson Mow, CEO of Jan3, believes that more nation-states, corporations, and institutional buyers will enter the market as the price of Bitcoin continues to rise, attracting price-insensitive buyers. As always, readers should conduct their own research before making any investment decisions, as this article does not provide investment advice or recommendations.