El Salvador’s President Nayib Bukele revealed that the country has made approximately $265 million after adopting Bitcoin as a reserve asset and legal tender.
Bukele said El Salvador invested $135 million in Bitcoin, which has since grown to $400 million in the public wallet alone. According to him, Salvadorans who have embraced Bitcoin have also seen significant gains thanks to the asset’s appreciation this year.
He stated:
“El Salvador invested $135 million. Now we have $400 million worth of Bitcoin in the public wallet alone. We have done well as a government. Salvadorans who used and preserved it have done very well for obvious reasons such as the price increase.”
The country’s Bitcoin holdings have returned more than 38%, thanks to strategic buying during market downturns. According to Nayibtracker factsEl Salvador owns 5,856 BTC, with an unrealized gain of over $50 million.
In addition to financial benefits, Bitcoin adoption has also increased financial inclusion for many Salvadorans. Bukele commented:
“Many Salvadorans use it; The majority of major companies in the country have it. You can go to a McDonald’s, a supermarket or a hotel and pay with Bitcoin.”
No disadvantages
Bukele emphasized that the adoption of Bitcoin has had only positive consequences for the country, while recognizing its growing importance in the global financial system.
According to him:
“[Bitcoin] has not produced anything negative. On the contrary, it gave us brand awareness, it brought us investments, it brought us tourism.”
Bukele pointed to the country’s first mover advantage, especially as Wall Street increases exposure to Bitcoin. He noted that the involvement of major financial institutions in Bitcoin, which was unthinkable three years ago, highlights its growing impact.
Bukele also mentioned that some countries are now holding Bitcoin reserves or investing in Bitcoin and mining, adding that BTC is becoming a topic of debate in the US presidential campaign.
He stated:
“Right now you have the largest funds in the world, literally the largest funds in the world. BlackRock has the largest Bitcoin ETF.”
Despite the progress, Bukele admitted that Bitcoin adoption in El Salvador has not yet reached the desired level. However, he remains optimistic about its future potential.
Bukele stated:
“I’m not going to say it’s the currency of the future, but there’s a lot of future in that currency. I’m not the only one saying it.”