El Salvador’s foray into Bitcoin investments has proven to be financially rewarding, with presidential candidate Nayib Bukele, who recently resigned from the presidency to focus on his re-election campaign, revealing notable gains. Bukele disclosed that the country’s Bitcoin investments have experienced a positive uptick of 2.84 percent, resulting in a profit of $3.6 million.
Underlining a commitment to a long-term strategy, Bukele emphasized that the government has no intentions of divesting its Bitcoin holdings. The announcement comes amidst a broader surge in the value of Bitcoin, which surpassed $42,000 on Monday, continuing its remarkable rally with a 150 percent increase in value over the year. El Salvador gained international attention in 2021 by becoming the world’s first country to adopt Bitcoin as legal tender.
Nayib Bukele, a prominent figure in Salvadoran politics, is currently leading the polls in the lead-up to the presidential election scheduled for February. His popularity is bolstered by a tough stance on crime, notably exemplified by the detention of tens of thousands of alleged gang members.
If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration scheduled for June. The financial success of El Salvador’s Bitcoin investments further underscores the country’s position as a trailblazer in the adoption and integration of cryptocurrencies on a national scale.
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