El Salvador Bitcoin holdings hit record $164M as BTC profits pass $50M

Hzpf...LjCK

7 Mar 2024

Ad

$

BTC
$67,164
ETH
$3,826
USDT
$1.0006
BNB
$449
SOL
$147
XRP
$0.62
USDC
$1.00
ADA
$0.739
AVAX
$43.88
TRX
$0.137
DOGE
$0.15
LINK
$20.01
DOT
$10.42
MATIC
$1.15
ICP
$14.67
SHIB
$0.00
DAI
$1.00
BCH
$422
LTC
$86.18
UNI
$14.81
ETC
$37.60
ATOM
$13.78
HBAR
$0.13
FIL
$9.82

Ad

WILLIAM SUBERG
MAR 06, 2024

El Salvador Bitcoin holdings hit record $164M as BTC profits pass $50M

Bitcoin adoption in El Salvador has netted the government up to $53 million in profits thanks to BTC price record highs.
6117
75

2:55
MARKETS NEWS
Own this piece of crypto history

Collect this article as NFTJoin us on social networks

The Bitcoin held by the government of El Salvador is now worth more than $150 million.
The latest data from monitoring resource BitcoinTreasuries estimates that El Salvador’s Bitcoin
BTC
$67,164

holdings are up $50 million against their cost basis.El Salvador BTC returns dwarf cost basis

Bitcoin was first approved as legal tender in El Salvador in 2022, and since then, the country’s stash has gone from bear market rags to record riches.
Since its president, Nayib Bukele, announced that the government would start purchasing 1 BTC per day, it has amassed approximately 2,380 BTC ($158.5 million).
At Bitcoin’s new all-time high on March 5, this was worth $164.7 million — a full 53% more than El Salvador’s aggregate cost basis. Each BTC was purchased at an average price of $44,300.
In recent commentary on X, Bukele, who was reelected in February, criticized mainstream media approaches to the government’s economic policy.
ADVERTISEMENT
3 HOURS AGO

How to transform crypto holdings into gift cards to save money on everyday shopping

This gift card store bridges digital currencies with everyday shopping, enhancing practical use and mainstream acceptance.
Cryptocurrencies are evolving from speculative investments to functional currencies for everyday transactions. Live on Crypto offers gift cards for mainstream retailers, including prepaid Visa and Mastercard, bridging digital currencies with everyday shopping.
The transformation of crypto from speculative investments to functional currency for everyday transactions is essential for widespread acceptance. Achieving mainstream status for digital currencies hinges on their practical use in daily activities, particularly consumer shopping.
An increasing number of businesses are already embracing digital currencies as a valid payment option. Recent data from a Binance survey underscores this shift, as over a third of those surveyed reported using crypto for purchases on a weekly basis, with more than half of these transactions happening online.
Online transactions emerge as a robust pathway for embedding digital currencies into daily routines. They offer a seamless bridge between the digital and physical realms, making cryptocurrencies more accessible and practical for everyday use.

Unlocking opportunities with crypto gift cards

Crypto gift cards present a distinctive off-ramp solution, allowing users to bypass traditional exchange cash-outs or wallet withdrawals. Instead, users can directly convert their crypto assets into gift cards, streamlining the purchasing process.

Read more

“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. Now that Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our citizenship program,” he claimed last week.

“We won’t sell, or course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now); but it’s very telling that the authors of those hit pieces, the ‘analysts’, the ‘experts’, the ‘journalists’, are totally silent now.”

El Salvador Bitcoin holdings (screenshot). Source: BitcoinTreasuries

Ahead of the pack?

Despite the attention given to its BTC pivot, El Salvador remains a lone wolf among nation-states by adopting a “Bitcoin standard.”
Related: What 15% BTC price crash? Bitcoin bulls charge higher as $67K returns
Despite rumors of other countries in both South America and elsewhere following suit, no official announcements have yet been made.
Among those most confident of nation-state adoption to come is Samson Mow, whose company, Jan3, aims to “accelerate hyperbitcoinization.”
In an appearance on The Bitcoin Podcast, Mow listed nation-states as one of the key buyers going forward, in addition to corporations and institutional buyers via spot Bitcoin exchange-traded funds.
“As it keeps going up, you have price-insensitive buyers,” he explained, including retail investors purchasing much smaller increments.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Exchange or buy BTC

Disclaimer: The information contained on this widget is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this widget constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information.
Ad

6
2
READ MORE

Ad

SAVANNAH FORTIS
MAR 06, 2024

Binance to make crypto smell good with new fragrance for Women’s Day

Binance’s latest inclusion campaign encouraging women’s participation in the crypto industry is fronted by a new luxury fragrance called Crypto and accompanied by incentives to participate in crypto courses.
11756
9

2:44

NEWS
Own this piece of crypto history

Collect this article as NFTJoin us on social networks

The blockchain ecosystem and popular cryptocurrency exchange Binance revealed its latest move to encourage more women to participate in the industry by blending high-end goods with finance through its new luxury fragrance, Crypto.
On March 6, Binance’s female marketing leaders announced their attempts to broaden the company’s inclusivity efforts, focusing on attracting the attention of women with a marketing campaign starring the luxury scent in time for International Women’s Day on March 8.
The Crypto fragrance was initially part of a series of luxury advertisements for the company’s inclusivity campaign, “Crypto is Yours.” Binance said the strategy draws “inspiration from the conventions of beauty advertising” while challenging the “norm” of the crypto space.
Rachel Conlan, the chief marketing officer at Binance, said drawing from her own experience in the crypto space, she’s seen the “invaluable contributions” of women firsthand.

“We’re here to tell women everywhere: Don’t be a bystander. Break those glass ceilings, challenge existing narratives and become part of this digital transformation that’s set to redefine global finance.”

She added it’s not just a scent but a message to women that “they have a significant role to play in the crypto revolution.”
Binance said that the “core component” of the initiative is to encourage more women to explore the crypto industry. It plans to also reward the first 5,000 women who complete one of their beginner crypto courses with $25 in Tether
USDT
$1.00
.Related: Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’
Conlan emphasized that crypto is universal and all individuals should be empowered to participate in the space.
In 2023, in the lead up to International Women’s Day, Cointelegraph spoke with Binance’s co-founder He Yi, who, as a woman, advised those looking to get into the space to “forget gender” and focus on mindset to make it in Web3.
Binance isn’t the only crypto platform seeking to cater to the women demographic in 2024. On Jan. 16, the cryptocurrency exchange Bitget pledged to allocate $10 million to go toward women-led Web3 startups through the Blockchain4Her initiative that promotes gender diversity and inclusivity in the industry.
According to a Jan. 11 report from Bitget Research, women-led or created startups received only $1.77 billion of the $27.85 billion in Web3 venture capital funding between the first quarter of 2022 and the third quarter of 2023, accounting for roughly 6.43%.
Female-led Web3 startups comprised less than 9% of all startups in the space, which speaks to the efforts of many of the major industry players to encourage participation by women.
Magazine: Owner of seven-trait CryptoPunk Seedphrase partners with Sotheby’s: NFT Collector
Explore more articles like this
Subscribe to our Crypto Biz newsletter
A weekly pulse of the business behind blockchain and crypto. Delivered every Thursday
Subscribe

Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!

Are you a journalist or an editor?
Join us