El Salvador's Bitcoin Portfolio Returns Profit

By: Eva Baxter

El Salvador's Bitcoin investments have rebounded, showing a net profit according to an announcement by the country's president. Despite widespread skepticism and a challenging crypto winter, the country's investment in the leading cryptocurrency now stands at a gain of 2.84%.

The country's ongoing Bitcoin investments currently amount to $131 million, making a net profit of $3.6 million. The move comes amidst a series of strategic moves by the country that saw the first adoption of Bitcoin as legal tender. This approach has recently been paying off as the crypto market recovers.

Despite his recent resignation to focus on his 2024 reelection campaign, the president has been continually observing and maintaining the country's Bitcoin investments. The country has been making consistent purchases throughout 2022.

The country's embrace of Bitcoin has seen limited adoption and hasn’t posed the significant risk as predicted by the International Monetary Fund.