The Bitcoin strategy of El Salvador's Bukele is being defended by the company as it achieves record profits of 53%.
When Bitcoin reached a new all-time high of $69,200 on March 4, El Salvador's President Bukele defended his Bitcoin policy. This came at a time when the country's holdings reached a record profit of 53%, reaching a total of $164.7 million. This development is a direct result of El Salvador's decision in 2021 to recognize Bitcoin as a form of legal money alongside the United States dollar.
The Bitcoin portfolio of the nation has reportedly generated a profit of more than fifty million dollars, as shown by the statistics provided by Bitcoin Treasuries.
A Bitcoin Strategy Exposed by Bukele
Since the beginning of 2022, President Bukele has been steadfast in his commitment to acquire one Bitcoin on a daily basis, despite the criticism that he has received from the media. Since that time, El Salvador's holdings have increased to 2,380 Bitcoins, which, at the current price, is equivalent to $159.2 million.
President Bukele responded to opponents who had denounced his pro-Bitcoin vision amid the drop in the price of Bitcoin by expressing his ideas on X, which was previously known as Twitter.
After a resounding win in the most recent election, President Bukele, who had previously reaffirmed his vision for Bitcoin during the last election campaign, was re-elected last month.
With a crime rate that has decreased by 70 percent by the year 2023, El Salvador is rapidly becoming one of the safest nations in the world. This is in addition to the riches that are being made from Bitcoin holdings.
The Only One of Its Kind in Bitcoin Adoption
In May of 2022, President Nayib made an announcement on his plan to construct the very first Bitcoin city in El Salvador. This would be a project that would be funded by Bitcoin.
With Bitcoin serving as the driving force behind every facet of the city's infrastructure and economy, the city, which is being referred to as "Ciudad Bitcoin," is envisioned as a center for technology and sustainable living.
The cryptocurrency community across the world is keeping a close eye on the development of the project since it is representative of a daring attempt in incorporating digital money into daily life.
As El Salvador continues to be at the forefront of cryptocurrency adoption, there is a great deal of anticipation for updates on the development of Ciudad Bitcoin. These updates may include construction milestones, partnerships, and technical developments.
Additionally, the teaching of students in El Salvador about cryptocurrencies is being included into the curriculum on a regular basis.
A recent publication from Node Nation provided evidence that students in El Salvador are gaining knowledge on how to operate nodes on the blockchain.
The fervor with which President Bukele and El Salvador are promoting bitcoin is starting to inspire jealousy among citizens of neighboring nations.
JAN 3's purpose was disclosed by Samson, the creator and CEO of Pixel Matic and JAN 3, who had a significant role in the development of El Salvador's government policy.
Increasingly, the Bitcoin technology business is becoming a major firm in the facilitation of Bitcoin strategy for nations that are prepared to mimic El Salvador. The company's goal is to speed "hyper bitcoinization" and the acceptance of Bitcoin by nation-state corporations.
There are less than 44 days left before the halving of Bitcoin, and it is anticipated that El Salvador's holding will reach a record-new profit margin when Bitcoin reaches a new all-time high this time around.
