El Salvador’s Bitcoin investment turned from $135M bet into $400M
El Salvador’s President Nayib Bukele claims the country's Bitcoin (CRYPTO:BTC) investment has been successful, turning an initial $135 million bet into $400 million.
However, Bukele acknowledges that Bitcoin's adoption in El Salvador has not met expectations.
In a recent interview with TIME, he stated, "We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin."
Bitcoin is accepted at major businesses in El Salvador, such as McDonald’s, supermarkets, and hotels, but broader adoption remains limited.
Bukele, recently elected for a second term, continues to champion Bitcoin, stating, “There’s a lot of future in that currency [Bitcoin].”
He highlights that El Salvador now holds significant Bitcoin reserves, comparing them to BlackRock’s largest BTC ETF.
Bukele explained that El Salvador's public Bitcoin wallet now holds $400 million, achieved by steadily purchasing around 1 BTC per day.
Despite criticism from the International Monetary Fund (IMF), Bukele insists the benefits have outweighed the risks, including improved branding, investments, and tourism.
He noted, “It’s brought us a lot of positive attention,” and highlighted a new cryptocurrency training program for 80,000 government employees.
The IMF has frequently criticised El Salvador’s decision to adopt Bitcoin as legal tender, citing potential financial risks during negotiations for financial support.
Bukele countered that the "risks of Bitcoin in El Salvador have not materialized," and that the country has seen only benefits such as profits and financial inclusion.
The president also mentioned that major Wall Street firms and several countries are now holding Bitcoin reserves.
During the Conservative Political Action Conference (CPAC) in February, Bukele criticised the US government’s reliance on Treasury bonds and money printing, contrasting it with his Bitcoin strategy.
Bukele believes El Salvador holds a "first mover" advantage with Bitcoin, especially as it becomes a topic in the 2024 US presidential elections.
He suggests that the US might be too late to the Bitcoin party, implying that El Salvador is already reaping the benefits of its early adoption.
At the time of reporting, Bitcoin price was $59,410.99.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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