Posted 1/9/2024, 3:08:00 PM
El Salvador's Bitcoin Gamble Pays Off as BTC Rebound Erases Losses
- El Salvador is sitting on $12.6 million in unrealized profits on its 700 BTC purchase from 2021, now back in the black
- El Salvador has purchased a total of 2,798 BTC for around $42,440 each, now worth $131.3 million
- Bitcoin has surged 75% since October, buoyed by impending SEC approval of a spot bitcoin ETF
- In 2021 El Salvador became the first country to adopt bitcoin as legal tender
- Speculation that hyperinflation-stricken Argentina may adopt bitcoin next under new leadership