El Salvador's Bitcoin Holdings Surpass $350 Million in Unrealized Profits as BTC Hits $110,000, Gaining 124%, Says President Bukele

El Salvador's Bitcoin holdings have reached an unrealized profit exceeding $350 million, reflecting a 124% gain on the country's investment as Bitcoin's price climbed to $110,000.

El Salvador's Bitcoin holdings have reportedly raked in an unrealized profit of over $350 million, according to President Nayib Bukele.

The country's Bitcoin investment has seen a 124% return as the flagship cryptocurrency's price continues to soar, recently touching levels of $110,000.

Earlier this week, the Central American nation's Bitcoin treasury reportedly hit a new all-time high of over $670 million.

President Bukele has been a strong advocate for the country's cryptocurrency endeavors, which have faced challenges and setbacks, leading to the loss of a third of the country's crypto holdings due to the cryptocurrency's price downturn last year.

Despite the setbacks, Bukele has maintained optimism, attributing it to the long-term vision and conviction behind the investment. He has also been open about tracking the country's Bitcoin portfolio, highlighting the administration's commitment to transparency.

This bold strategy contrasts with other countries that sold Bitcoin during the cryptocurrency winter, and some analysts suggest it could positively impact El Salvador's credit rating compared to that of the United States.

Earlier this year, Moody's downgraded the United States' credit rating by one notch to Aaa, while upgrading El Salvador's rating to B3, emerging from junk status.

This contrasts with the thinking of some economists who believe that diversifying revenue streams and reducing reliance on tourism will be crucial for El Salvador to improve its credit rating.

However, focusing on optimistically viewed crypto profits might be viewed more favorably by rating agencies than diversifying revenue streams, according to analysts at Credit Agricole.

The post El Salvador's Bitcoin Holdings Surpass $350 Million in Unrealized Profits as BTC Hits $110,000, Gaining 124%, Says President Bukele appeared first on The Defiant.

The post El Salvador's Bitcoin Holdings Surpass $350 Million in Unrealized Profits as BTC Hits $110,000, Gaining 124%, Says President Bukele appeared first on The Defiant.

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