El Salvador’s Bitcoin Bet Pays Off Big

Profiting from the Bull Run

Bitcoin has been on a wild ride lately, and it’s making investors a lot of money. According to Binance, everyone who’s bought Bitcoin is now in the green, even those who bought at the previous high of $69,000 in 2021.

El Salvador’s Success Story

El Salvador jumped on the Bitcoin bandwagon in 2021 and has been buying ever since. They’ve now got 2,861 BTC in their treasury. When the price of Bitcoin was around $60,000 two weeks ago, President Bukele said he wasn’t planning to sell. But he did point out that they were already sitting on a 40% profit.

Fast forward to today, and El Salvador’s profit margin has jumped to 62%. They’ve made over $83 million in unrealized gains. That’s a lot of money for a country that’s often struggling financially.

Tim Draper’s Praise

Venture capitalist Tim Draper is a big fan of El Salvador’s Bitcoin experiment. He believes that if Bitcoin hits $100,000, El Salvador could pay off its debt to the IMF and become “one of the most attractive countries in the world to live in.”

Draper thinks El Salvador could go from being one of the poorest countries in the world to one of the richest within the next 30-40 years, all thanks to Bitcoin.

Resistance to Crypto Adoption

Not everyone is as enthusiastic about crypto as El Salvador. Draper says that some countries and individuals are resisting adoption because they’re afraid of losing control.

He took a shot at the US, saying that it’s a country of innovators that should embrace change. Despite some progress, like the SEC approving Bitcoin ETFs, the government hasn’t made it easy for investors to get involved in crypto.