jakiro
Source: Blockchain Knight
El Salvador President Nayib Bukele revealed that the country has earned about $265 million in profits after adopting BTC as a reserve asset and fiat currency.
Bukele shared,El Salvador has invested $135 million in BTC, and since then, the public wallet alone has grown to $400 million.
According to Bukele, the El Salvadors who accept BTC have also gained considerable returns due to BTC’s appreciation this year.
“Salvador invested $135 million. Now, we have $400 million in BTC in public wallets alone. As a government, we do a great job. El Salvadors who use and save BTC do it too for obvious reasons such as rising prices, etc.It’s very good.”
In fact, BTC held by El Salvador has generated more than 38% profit due to strategic purchases during market downturns.According to Nayibtracker, El Salvador holds 5,856 BTC and has unrealized profits of more than $50 million.
In addition to economic gains, the application of BTC has also enhanced financial inclusion for many El Salvadorians.
“Many El Salvadors use BTC; most of the country’s large businesses have BTC. You can pay with BTC at McDonald’s, supermarkets or hotels,” Bukele noted.
Bukele stressed,Adoption of BTC will only have a positive impact on the country, and it also recognizes the increasing importance of BTC in the global financial system..
“BTC has not had any negative impact. Instead, it has brought us a series of additional benefits, including branding, investment, tourism, etc.”
Bukele points out El Salvador’s first-mover advantage in contact with BTC.The importance that major financial institutions pay for BTC was almost gone three years ago, which also highlights the growing influence of BTC.
Bukele also mentioned that some countries are now holding BTC reserves or investing in BTC and mining, adding that BTC is becoming a debate topic in the U.S. presidential campaign.
“Now, BTC has become the largest fund in the world, and BlackRock has the largest BTC ETF.”
Despite the progress,But Bukele admits that BTC’s application in El Salvador has not yet reached the level he expected.
However, he remains optimistic about the future potential of BTC.”I won’t say it’s the future currency, but this currency has great prospects,” Bukele said.
besides,Bukele becomes the cover character of Time magazine’s latest issue.
Time magazine wrote in its article “How Bukele’s ‘iron fist’ changed El Salvador”: Bukele significantly changed the national situation through its “iron fist” policy.
After Bukele took office, he took a series of tough measures to combat crime, especially against gangsters, which greatly reduced the rate of violent crime.
However,These measures have also sparked controversy over human rights and the rule of law, with critics saying the government’s means are too harsh.Although Bukele’s policy has brought about short-term security improvements, the long-term effects and overall impact on society remain to be seen..
The article said that Bukele conducted a series of “gambling” but was not welcomed by many foreign investors and creditors, including adopting BTC as fiat currency and investing some national reserves in this Crypto asset.The article also called its “BTC gambling” a stumbling block.
