El Salvador Is Sitting on $84M Profit From Its Bitcoin Holdings
El Salvador's bitcoin treasury has an unrealized profit of $84 million due to the cryptocurrency's 250% rise over the past year. The country's bitcoin holdings, which were first acquired in September 2021, are now worth over $206 million, a 69% gain on the initial capital. El Salvador holds 2,681 BTC, purchased over 12 separate transactions at an average cost of $42,600. In 2021, El Salvador became the first country to recognize bitcoin as legal tender, allowing goods, services, and taxes to be paid in bitcoin. The country is also earning bitcoin revenue from other services such as a citizenship passport program, bitcoin mining, and government services. In December, El Salvador introduced the "Freedom VISA", granting residency to individuals who invest at least $1 million in bitcoin or tether stablecoins.
