In the booming cryptocurrency market, Bitcoin [BTC] shines, with analysts predicting more milestones. To that extent, Binance [BNB]via a X (formerly Twitter) post, revealed that all Bitcoin investors had benefited.
“Everyone who has ever bought Bitcoin is now making a profit.”
Countries like El Salvador, which boldly embraced Bitcoin as legal tender in 2021, are among those celebrating substantial returns on their investments.
Dream come true for El Salvador
Just two weeks ago, with the price of Bitcoin hovering around $60,000, President Bukele stated unequivocally that the country had no plans to sell its Bitcoin holdings.
However, if we look at the toss of the coin, given El Salvador’s current profit margin, CryptoRover commented,
“El Salvador is now making a profit of $83 million on their Bitcoin investment strategy!”
This highlighted that the country’s profit margin increased even further, to an impressive 62%.
He underlines his steadfast belief in the intrinsic value of Bitcoin, the Chairman Nayib Bukeleadded,
“BTC income from our passport program. Income from converting BTC to USD for local businesses. Mining BTC. BTC income from government services.”
With his tweet, Bukele outlined that converting the Treasury’s substantial assets into fiat money would translate to more than $204.4 million at current market valuation.
Additionally, venture capitalist Tim Draper said in a recent article interview on the Web3 Deep Dive channel, offered insight into Bitcoin, crypto politics and El Salvador’s budding relationship with the cryptocurrency.
He imagined,
“El Salvador will probably be the most attractive country in the world, going from the poorest country with the most crime to perhaps one of the richest.”
Election anxiety among investors
Draper further commented on the resistance to crypto adoption, attributing it to the fear of change and a desire for control. He made a subtle jab at the US, emphasizing:
“I think we are a country of innovators and pioneers. I think we want to remain a country of innovators and pioneers.”
Despite recent milestones such as the SEC’s approval of spot Bitcoin ETFs, Tim Draper highlights the ongoing challenges of regulatory uncertainty, especially in the US.
Amid scrutiny, the Biden administration’s cryptocurrency regulations are under close scrutiny. As the US elections approach, investors are vigilant about the cryptocurrency policies of presidential candidates.
