The rebound in Bitcoin price action and the certain fact that it is approaching the $60,000 level, is a reason to recall the state purchases made by El Salvador after President Nayib Bukele decreed Bitcoin as legal tender.
As you may recall, "since mid-2021 until today has been the subject of multiple controversial measures on cryptocurrencies in the country and its impact on the local economy. Despite this, from legalization to the present, it agglutinates more than $30 million in profits from logging bitcoins."
According to Ray Jimenez's columnist, "El Salvador, at the time of writing, owns 2,846 BTC. These bitcoin show an approximate value of 155,807,215.61 million dollars, with a cost of 120,932,588.15 million dollars, which shows that from 2021 to the present they have accumulated a gain of about 28.05%, which translates into a little more than 33,926,482.56 million dollars"
It has been indicated that, "Various narratives around these bitcoin purchases by the government have been given, from the alleged losses of purchasing power by agencies such as the International Monetary Fund, which expressed its concern about the strategy being implemented by the Salvadoran government with the consecutive purchase of Bitcoin".
It is worth highlighting that, "From the Salvadoran government they assure that all these actions are linked to the fact that bitcoin is legal tender in El Salvador. In addition, the metrics that have been shared on the aforementioned page, as well as the payment of the debt that the country maintained with the International Monetary Fund agency show, among other aspects"
SOURCES CONSULTED
Cointelegraph. El Salvador surpasses $30 million in bitcoin gains. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Insidebitcoins
