As Bitcoin surpassed US$107,000, Bukele took to X to flex the country’s reported gains of US$350 million — via a screenshot of a mobile app, no less.
— Nayib Bukele (@nayibbukele) December 16, 2024
Bitcoin’s recent rally, boosted by political developments including Donald Trump’s election and Paul Atkins’ SEC nomination, has transformed the nation’s financial strategy.
Despite initial protests and international skepticism about Bitcoin’s volatility, El Salvador’s holdings have grown to more than US$632.6 million from an investment of US$207.4 million as of December 16.
Bukele continues to champion the cryptocurrency, proposing innovative projects like Bitcoin City — a tax-free zone powered by geothermal energy from the country’s volcanoes.
Despite Bukele’s gung-ho approach to the cryptocurrency, El Salvador recently announced plans to scale back its Bitcoin policy in order to secure a US$1.3 billion loan from the International Monetary Fund (IMF).
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