El Salvador's Bitcoin investment gains $116 million in unrealized profits as president maintains strategy.

[Chain News] The Salvadoran government conducts buying and selling options trading on its platform using Bitcoin as legal tender to hedge against Bitcoin price fluctuations. According to data from the platform, the government has realized an unrealized gain of $116 million from Bitcoin transactions. El Salvador adopted Bitcoin as legal tender in September 2021 and increased its purchases of the crypto assets in July 2022.

El Salvador's President Bukele stated that the country holds 2,764 Bitcoins, with an average purchase price of $44,399. Based on the current Bitcoin price of $47,800, the country's Bitcoin portfolio is valued at approximately $132 million. Bukele also mentioned that El Salvador has never sold a single Bitcoin.

Previously, the International Monetary Fund (IMF) has repeatedly urged El Salvador to abandon the use of Bitcoin as legal tender. The IMF believes that the high fluctuation of Bitcoin may pose risks to the country's financial stability and consumer protection.

Nevertheless, the Salvadoran government remains committed to its Bitcoin strategy. Bukele believes that Bitcoin helps promote financial inclusion in the country and attract foreign investment. He also announced plans to issue Bitcoin-backed "volcano bonds" to fund the country's infrastructure and energy projects.

However, some economists and analysts are cautious about El Salvador's Bitcoin strategy. They point out that the price fluctuations of Bitcoin may bring uncertainty to the country's finances and could affect its ability to secure international loans.

Overall, El Salvador's Bitcoin experiment is still ongoing, and its long-term impact and success remain to be seen. This initiative undoubtedly provides a unique case study for other countries to explore the feasibility and potential effects of Crypto Assets as legal tender.

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UncleLiquidationvip
· 06-29 05:43
Borrowing coins to reach the sky, repaying debts to go into the sea.
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MEVEyevip
· 06-27 13:02
Never dumped, Booker's really tough.
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DisillusiionOraclevip
· 06-27 13:01
Hold coins firmly, and win big.
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BlockchainGrillervip
· 06-27 13:00
The skill of pig slaughtering has risen.
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ZKProofstervip
· 06-27 12:58
technically speaking, bukele's diamond hands... based af
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