With Bitcoin surpassing $72,000, El Salvador’s Bitcoin holdings are now worth $83 million. Tim Draper, a prominent venture capitalist from Silicon Valley, recently boldly predicted that El Salvador, by embracing Bitcoin, will become one of the wealthiest countries in the world.
El Salvador became the first country to recognize Bitcoin as legal tender in 2021 and has been steadily buying Bitcoin since September 2021. According to NayibTracker data, with Bitcoin reaching new highs, El Salvador’s holdings are currently valued at $2.05 billion, with a floating profit of $83.18 million and an unrealized profit of 68.25%.
El Salvador currently holds 2,681 Bitcoins, purchased at a cost of $121,878,278, with an average purchase price of $42,599.89. The last time El Salvador purchased Bitcoin was in November 2022, at an average price of $30,643, acquiring 481 Bitcoins.
President Nayib Bukele of El Salvador, who has vigorously implemented Bitcoin policies and was reelected in February, also stated today that El Salvador has received additional Bitcoin-related revenue from other government services, including income from the Citizen Passport Program, income from providing Bitcoin-to-dollar conversion services for local businesses, mining income, and income from other government services.
El Salvador’s embrace of Bitcoin policies
The government of El Salvador has recently continued to promote its Bitcoin policies, including launching the investment citizenship program in December last year. By investing $1 million in Bitcoin or USDT, one can obtain residency visas and citizenship. In addition, the $1 billion Bitcoin volcano bond, strongly advocated by Bukele, was approved by the Digital Assets Committee (CNAD) in December last year and is expected to be issued in the first quarter of 2024.
The volcano bond will be issued through the Bitfinex platform, raising $1 billion in the form of digital tokens, with the aim of helping El Salvador repay its sovereign debt and also be used for Bitcoin mining businesses, the construction of Bitcoin cities, and other purposes.
Further reading:
El Salvador’s “1 Billion Bitcoin Volcano Bond” to be launched in early 2024! Issued through Bitfinex
Tim Draper predicts that El Salvador will become the wealthiest country
In this regard, Tim Draper, a well-known venture capitalist from Silicon Valley and founder of Draper Associates, recently attended the Web3 Deep Dive podcast hosted by cryptocurrency journalist Rachel Wolfson. He praised El Salvador’s embrace of Bitcoin, stating that Bitcoin is helping El Salvador grow and become a better country, and will determine the country’s future in the coming years.
Tim Draper predicts that if the price of Bitcoin reaches $100,000, El Salvador will be able to repay its debt to the International Monetary Fund (IMF) and will no longer need to deal with the IMF. He previously predicted that Bitcoin would reach $250,000 this year and foresaw a bank run in the future, when people will no longer need the US dollar.
Related reports:
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El Salvador: Investment immigration of $1 million in Bitcoin or USDT grants citizenship
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