As the leading cryptocurrency continues to enjoy an unprecedented run, El Salvador’s Bitcoin holdings have officially surpassed a $525 million profit, according to the government’s official Bitcoin Office. Indeed, the country bet big on the cryptocurrency, and as the asset has increased to an all-time high, that is certainly paying off.
Monday, Bitcoin surged above the $89,000 mark, setting a new record mark. Moreover, the asset is currently up almost 27% over the last seven days, according to CoinMarketCap. That performance has benefitted El Salvador, as the nation made BTC legal tender in 2021.
JUST IN:
El Salvador #Bitcoin investment surpasses $525 million profit.
— Watcher.Guru (@WatcherGuru) November 12, 2024
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El Salvador Bitcoin Investment Surges as BTC Hits New High
When it comes to cryptocurrencies, 2024 has certainly made a believer out of the finance sector. Some of the world’s largest asset managers, like BlackRock or Fidelity, have gotten in on the asset. Moreover, it has continued to increase in relevance as Donald Trump’s election win is likely to infuse the nation with pro-crypto legislation.
The performance of the asset class this year has only been a tremendous benefit to those who have always believed in its potential. A nation that has been one of its most fervent defenders is El Salvador, whose Bitcoin investment has surpassed $525 million in profit.
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The country’s holdings have officially risen above that key $500 million level amid BTC’s surge to record highs. They aren’t the only nation either. Bhutan has seen its Bitcoin holdings surpass the $1 billion mark. Moreover, the South Asian nation’s Bitcoin investment officially accounts for one-third of its entire GDP.
For the nations, the performance of Bitcoin will only benefit their own economic situation. In a post to X (former Twitter), El Salvador’s president, Nayib Bukele, succinctly told the world, “I told you so.” Additionally, Bitcoin is expected to continue gaining. There are experts who believe it is bound for the $100,000 level before Trump is even inaugurated.