[2024-03-12] El Salvador Has More Bitcoin Than Public Estimates ...

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El Salvador Has More Bitcoin Than Public Estimates With Multiple BTC Revenue Sources, President Bukele Indicates

President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates. He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country.

‘El Salvador Is Bitcoin Country’

El Salvador’s President Nayib Bukele has indicated that his country has multiple revenue streams from bitcoin, in addition to the profits gained from the bitcoin reserves purchased after the country made BTC legal tender alongside the U.S. dollar in September 2021.

In a post on social media platform X on Monday, he wrote that El Salvador is earning bitcoin-related revenue from its passport program, converting BTC to USD for local businesses, mining, and government services. The Salvadoran president provided the information in response to a post from Crypto Rover stating that the country had made a profit of $83 million from its bitcoin investment strategy.

Only some of El Salvador’s BTC purchases were disclosed publicly by Bukele. In November 2022, the Salvadoran president announced that El Salvador will buy BTC every day but subsequent details have not been disclosed. As of writing, El Salvador’s bitcoin reserves are estimated to be worth more than $202 million, according to the online Nayib Bukele Portfolio Tracker. The country’s BTC portfolio has largely benefited from the surging price of bitcoin, which exceeded its previous all-time high last week. At the time of writing, BTC is trading at $71,234.

Stacy Herbert, who leads El Salvador’s National Bitcoin Office, commented: “President Bukele suggests that El Salvador has more bitcoin than is being tracked by the online ‘Nayib Bukele Portfolio Tracker.’ Multiple sources of BTC revenues are also being earned by the government, including from our wildly successful Freedom Passport program.” The X account of the National Bitcoin Office also posted:

El Salvador is Bitcoin Country. We have been stacking sats in many ways. For two and a half years now

Milena Mayorga, Ambassador of El Salvador to the United States, shared on X: “El Salvador has a modern Digital Assets Law and the Bitcoin Law. We are preparing for the economy of the future.”

Last month, Bukele said on X that El Salvador won’t sell its bitcoin, emphasizing that “at the end 1 BTC = 1 BTC.” El Salvador’s Vice President Félix Ulloa has also confirmed that bitcoin will remain legal tender under Bukele’s reelected leadership. The Bukele government plans to launch bitcoin-backed bonds, construct Bitcoin City, and issue passports to investors who contribute $1 million in BTC.

Source: https://news.bitcoin.com/el-salvador-has-more-bitcoin-than-public-estimates-with-multiple-btc-revenue-sources-president-bukele-indicates/

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[Oshosondy]

El Salvador’s Vice President Félix Ulloa has also confirmed that bitcoin will remain legal tender under Bukele’s reelected leadership.

Nayib Bukele is a very good president. He can not remain the president always. A day will come another president will be in El Salvador. But what is the fate of bitcoin as a legal tender in the country? El Salvador accept bitcoin as a legal tender, but not forcing anyone to use it. This makes me think that other president in the future will accept bitcoin as a legal tender in the country.

[crwth]

Everyone who have thought of this crazy move by a country might now be regretting not going with it seeing that the market cap now is very high that it defeats silver and then the SEC approving it.

It is really a smart move and i hope that the people also follow there. They might be rejoicing right now. Having more BTC is beneficial for them but I am not sure what it implies legally.