El Salvador Reaps $84M Profit From Diverse Bitcoin Revenue Avenues

By: Eliza Bennet

El Salvador's President Nayib Bukele recently confirmed that the nation is profiting from Bitcoin via four distinct revenue streams. This adds to the profits from its Bitcoin holdings, which are currently valued at an approximate $84M gain.

The Central American nation, recognized for its pioneering Bitcoin initiatives, has established multiple revenue streams, including income yielded from its passport program, profits from aiding local businesses to convert BTC into USD, income generated from Bitcoin mining, and revenue from undisclosed services provided by the government.

El Salvador's unique approach includes a "Bitcoin-for-citizenship" initiative whereby up to 1000 individuals each year can attain citizenship by investing $1 million worth of BTC into the country. The nation also operates a significant Bitcoin mining facility, prioritizing renewable energy resources, with 23% of its net proceeds allocated to the government. In addition, the government benefits from converting Bitcoin to USD and has adopted innovative financial instruments like Bitcoin bonds.

Following the country's BTC investment, El Salvador's portfolio now totals 2,861 BTC, worth about $207 million, attributing a profit near $85 million. However, President Bukele has affirmed that El Salvador does not aim to sell its BTC holdings, instead considering them as permanent reserves. This testifies to the nation's long-term commitment to its Bitcoin strategy