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El Salvador’s BTC portfolio impresses even Elon Musk
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Elon Musk, CEO of Tesla, SpaceX and owner of X.com, praised El Salvador’s strategic Bitcoin (BTC) reserves, calling them “impressive.” The statement was made on December 5, through the businessman’s personal account on his social network, in a post by Nayib Bukele. The Salvadoran president has stood out for his policies regarding Bitcoin. In September, the two meet in the States to discuss various topics, including cryptocurrencies.
After the rise of Bitcoin, which surpassed the significant mark of US$ 100 thousand unit priceseveral statements by public figures appeared on social media. Among so many, one of them drew special attention, that of the president of El Salvador, Nayib Bukele.
The country became notable on the international scene after establishing Bitcoin as legal tender in September 2021, a period in which the cryptocurrency was valued at around US$45,000. THE decision was the target of praise, but also of much criticism. At the time, the Bitcoin Law, as the initiative became known, also determined the creation of a national BTC reserve.
A year later, the country implemented the policy that became known as “1 Bitcoin per Day”. The name itself is self-explanatory: the government has committed to purchasing 1 Bitcoin daily, regardless of market value. As a result, the country accumulated around 5,800 Bitcoins, according to data from Arkham Intelligence.
El Salvador at the forefront
The result can be seen on Thursday, 5th, after Nayib shared El Salvador’s cryptocurrency wallet on his official X.com account. In it, we can observe the billion-dollar investment of US$ 269,743,800.80. But what impressed everyone, including Elon Musk, was the profit of US$333,597,190.20, more than double what was invested (117%, to be more exact).
It was the adjective used by Elon Musk in Nayib’s publication to praise El Salvador’s achievement. It is worth remembering that the president of Tesla holds twice that amount. As a treasury strategy, Musk invested around Tesla’s $1.5 billion in Bitcoin. The year was 2021 and the month was February, a few months before El Salvador enacted the Bitcoin Law.
According to data from CoinGecko, Tesla is the fourth largest public company in Bitcoin, with 11,509 BTC. In absolute numbers, Musk’s company has assets of more than US$ 1 trillion in Bitcoin, almost twice as much as the Government of El Salvador. Even so, because it was a Government and not an American company, the feat impressed the richest man in the world.
El Salvador’s BTC portfolio impresses even Elon Musk
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El Salvador’s BTC portfolio impresses even Elon Musk
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El Salvador’s BTC portfolio impresses even Elon Musk
