El Salvador’s Bitcoin holdings surge to a new high of $164M with profits from BTC surpassing $50M.

El Salvador’s government-owned Bitcoin holdings have surpassed $150 million, according to the latest data from BitcoinTreasuries. The estimated value of El Salvador’s Bitcoin holdings is $50 million higher than their initial cost. Bitcoin was established as legal tender in El Salvador in 2022, and since then, the country’s holdings have skyrocketed in value. President Nayib Bukele announced that the government would purchase 1 Bitcoin per day, resulting in a total of approximately 2,380 BTC ($158.5 million). At Bitcoin’s new all-time high on March 5, the holdings were worth $164.7 million, which is 53% more than the aggregate cost basis. Bukele criticized mainstream media’s coverage of the government’s economic policy, highlighting the significant profit potential if they were to sell the Bitcoin holdings. El Salvador’s adoption of a “Bitcoin standard” sets it apart from other nation-states, although there have been rumors of other countries following suit. Samson Mow, CEO of Jan3, believes that nation-states, corporations, and institutional buyers will continue to be key players in the Bitcoin market. It’s important to note that this article does not provide investment advice or recommendations and readers should do their own research before making any investment decisions.