El Salvador has made a profit of over 10 billion Turkish lira from Bitcoin.

As Bitcoin approaches a value of 100 thousand dollars, it continues to bring smiles to its investors. The world's largest cryptocurrency has gained 134% in value in dollar terms throughout 2024, while it has risen by 48% in just the last month.

THE NAME MOST PLEASED WITH THE RISE IS BUKELE

One of the names most pleased with this rise is undoubtedly El Salvador's President Nayib Bukele. After taking office, El Salvador became the first country in the world to recognize Bitcoin as a legal payment method in September 2021. Additionally, at the same time, El Salvador began to add Bitcoin to its official reserves.

Yesterday, Bukele announced the results of his move, which economists had approached with skepticism at the time, to the world through a post on his social media account. According to the information in the post, El Salvador has made a total of 268 million 82 thousand dollars in Bitcoin purchases since September 2021. From this investment, it has made a profit of 305 million 172 thousand dollars (approximately 11 billion TL). Thus, the profit rate reached 113.84%.

FIRST LOST, THEN WON

When El Salvador started purchasing Bitcoin in September 2021, the value of the cryptocurrency was in the range of 45-50 thousand dollars. After reaching 66 thousand dollars in November 2021, it experienced a rapid loss in value. By December 2022, Bitcoin had fallen below 17 thousand dollars. Following this decline in Bitcoin's value, Bukele became the target of criticism, but he frequently stated, 'We bought at the bottom,' ignoring these criticisms. According to a report in Habertürk, Bitcoin fell below the levels that Bukele referred to as 'the bottom.' However, as of today, the reserve move that some have termed 'gambling' has yielded positive results.