El Salvador’s Bitcoin Holdings Surge with Over $357 Million in Unrealized Profit as BTC Nears All-Time High
El Salvador’s ambitious foray into Bitcoin has turned into a financial windfall, with the country’s holdings now showing over $357 million in unrealized profit as the cryptocurrency hovers near record highs.
President Nayib Bukele shared a portfolio snapshot on social media revealing that the national Bitcoin reserve, initially acquired for $287.1 million, is now valued at approximately $644.4 million. This marks a 124.4% gain—highlighting a remarkable turnaround for the Central American nation that became the first in the world to recognize Bitcoin as legal tender.
Currently, El Salvador holds around 6,181 BTC, valued at about $639 million at the time of writing, according to the country’s official Bitcoin Office. The rally has accelerated in 2024, adding nearly $70 million in paper gains just this year.
The sharp rise in value comes as Bitcoin trades above $103,000, edging closer to its all-time high of roughly $108,000. This surge is driven by renewed investor optimism, increased institutional interest, and expectations that geopolitical tensions—including those between the U.S. and China—may stabilize global markets, encouraging further crypto adoption.
El Salvador’s Bitcoin experiment, launched in June 2021, was a bold move aimed at fostering financial inclusion and technological innovation. Despite international criticism and warnings from global institutions such as the International Monetary Fund (IMF), Bukele remained steadfast in his crypto vision. Recent legislative changes have made Bitcoin adoption optional for businesses, satisfying some of the IMF’s conditions while maintaining the nation’s long-term commitment to digital currency.
“If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won't stop now, and it won't stop in the future,” Bukele stated, reinforcing his position.
While the profit remains unrealized—meaning it could fluctuate with market conditions—the current valuation underscores the potential rewards of El Salvador’s unconventional fiscal strategy. Whether the country decides to cash out or continue holding, its Bitcoin position has positioned it as a symbol of crypto-state ambition on the world stage.