El Salvador's Bitcoin (BTC) treasury is sitting on an unrealized profit of $84 million from the holdings it first began acquiring in September 2021.
Bitcoin's 250% surge over the past year catapulted the Central American country's Bitcoin hoard to over $206 million as of Tuesday, up 69% of initial capital so far. Data shows that it contains 2,681 BTC, acquired across 12 separate purchases at an average price of $42,600.
In 2021, Bitcoin became equal to the US dollar in El Salvador after a historic “Bitcoin Law” made it the first country to recognize Bitcoin as legal tender. Since then, goods, services and taxes can all be paid for in Bitcoin.
Therefore, in a post on Tuesday, President Nayib Bukele pointed out that the country is earning even more Bitcoin in the form of revenue from other services. This includes revenue from a citizenship passport program that converts Bitcoin into US dollars for local businesses, Bitcoin mining and revenue from government services.
The country launched its “Freedom VISA” in December, granting residency to a maximum of 1,000 people per year who invest at least $1 million worth of Bitcoin or Tether stablecoins (USDT). Successful applicants will receive long-term residency and reportedly have a path to full citizenship.
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