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El Salvador, buying Bitcoin over the last two years, has been at the forefront of the crypto industry, becoming the first country to actively add BTC to its reserves. Throughout the bear market, the country’s Bitcoin bet seemed like a failure as the BTC price crashed and the country’s investment fell into losses. However, there has been a change in the tide, with Bitcoin pushing past $60,000 and putting El Salvador back in profit.
Not Selling Despite 40% Gain
On the back of the crypto market recovering and Bitcoin pushing past $60,000, El Salvador president Nayib Bukele has revealed how the country’s investment is doing. According to Bukele, the investment has risen significantly, with over 40% profits so far. However, even with such huge profits, the president says that they have no intention of selling. To him, 1 BTC is equal to 1 BTC, and that is what matters.
Bukele also criticized the media for publicizing the country’s BTC losses over the last two years, and not talking about their gains now. “It’s very telling that the authors of those hit pieces, the “analysts”, the “experts”, the “journalists”, are totally silent now,” the President wrote.
https://x.com/nayibbukele/status/1762867369217532125?s=20
El Salvador had begun buying Bitcoin back in 2021 after it made the cryptocurrency legal tender. Over the years, the country’s Bitcoin stash grew as they bought more BTC, reducing the average cost of the investment even further.
Presently, El Salvador is one of the countries with the largest Bitcoin holdings, with almost 2,800 BTC. Most of the BTC that the country holds were bought in the last few years. However, President Nayib Bukele revealed that its Bitcoin citizenship program is now the main source of its BTC income.
Countries With Largest Bitcoin Holdings
Although El Salvador’s Bitcoin holdings are significant, it is far from being the country with the largest BTC holdings. That title goes to the United States, which is then followed by China in second place. Interestingly, the countries with the largest BTC holdings did not purchase them. Rather, they are from seizures carried out in relation to criminal activities.
According to the data available, the United States is the country with the largest BTC holdings, with more than 207,000 BTC. Next on the list is China with over 194,000 BTC, . Then in third place is Germany with 50,000 BTC, before the Ukrainian government with 46,351 BTC. El Salvador then comes out ahead of Finland, with the latter holding around 1,981 BTC.
When it comes to Bitcoin investments, though, MicroStrategy takes the lead. The company has been selling shares since 2020 and buying Bitcoin. As of the time of this writing, MicroStrategy now holds 193,000 BTC after its latest 3,000 BTC purchase. This brings the total value to $12.117 billion, and with a cost basis of $6.087 billion, the company is sitting at more than $6 billion in profit.
BTC price at $62,800 | Source: BTCUSD on Tradingview.com
Featured image from Barron’s, chart from Tradingview.com
