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El Salvador’s bold move to embrace Bitcoin as legal tender has certainly paid off, with the nation’s Bitcoin treasury now sitting on a whopping $84 million in unrealized profit. This is quite an impressive feat considering that they first started acquiring BTC holdings only in September 2021. With Bitcoin’s meteoric rise of 250% over the past year, El Salvador’s Bitcoin treasury has now surged to over $206 million as of Tuesday, representing a remarkable 69% gain on their initial capital. Holding a total of 2,681 BTC, acquired through 12 separate purchases at an average cost of $42,600, El Salvador is definitely reaping the benefits of its forward-thinking approach.
In a groundbreaking moment, El Salvador put Bitcoin on equal footing with the U.S. dollar after passing the historic “Bitcoin Law”. This made El Salvador the first country in the world to recognize Bitcoin as legal tender, allowing its citizens to pay for goods, services, and taxes using the popular cryptocurrency. President Nayib Bukele proudly shared on Tuesday that the nation is not only holding Bitcoin in its treasury, but also earning more through various revenue streams. This includes revenue from a citizenship passport program, which converts Bitcoin to U.S. dollars for local businesses, as well as revenue from Bitcoin mining and government services.
El Salvador’s innovative spirit doesn’t end there – the country introduced the “Freedom VISA” in December, offering residency to up to 1,000 individuals per year who invest at least $1 million worth of Bitcoin or tether (USDT) stablecoins. Successful applicants not only receive long-term residency permits but also have a clear path to full citizenship. This move further cements El Salvador’s position as a frontrunner in adopting cryptocurrencies and blockchain technology.
FAQ:
– What is El Salvador’s Bitcoin treasury?
El Salvador’s Bitcoin treasury currently holds 2,681 BTC, acquired at an average cost of $42,600, resulting in a total value of over $206 million as of Tuesday.
– How did El Salvador become the first country to recognize Bitcoin as legal tender?
El Salvador passed the historic “Bitcoin Law”, which put Bitcoin on equal footing with the U.S. dollar, allowing citizens to use Bitcoin for payments of goods, services, and taxes.
– What other revenue streams is El Salvador earning Bitcoin from?
El Salvador is earning Bitcoin through a citizenship passport program that converts Bitcoin to U.S. dollars for local businesses, as well as through Bitcoin mining and government services.
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