The president of El Salvador, Nayib Bukele, reacted to the recent bitcoin (BTC) rally that took its price to touch USD 90,000, publishing on X: “I told you so.”
This comment came after BTC rose more than 10% on Monday, November 11, increasing its value from more than USD 81,000 to about USD 89,900, which represents the largest daily increase in the history of the financial asset, as reported by CriptoNoticias. .
This significant increase occurs a week after BTC began its bullish rally, boosted by Donald Trump’s electoral victory in the United States. This event has acted as a catalyst not only for bitcoin, but also for the cryptocurrency market in general.
Additionally, activity in bitcoin ETFs has been notable, with record capital inflows surpassing $1 billion on November 11.
Bukele, who has been a firm defender of the long-term purchase and accumulation of BTC, has seen this increase as support for his economic strategy. Under his administration, El Salvador became the first country to adopt bitcoin as legal currency. To date, El Salvador owns 5,931 BTC, which is approximately equivalent to USD 511 million, according to official data from the Salvadoran government.
These BTC have been accumulated thanks to the daily purchases that Bukele announced in 2021, as well as Bitcoin mining using volcanic energy. Daily purchases of 1 BTC, which began in November 2022, have turned out to be an extremely profitable strategywith a performance greater than 95% until the time of this writing.
However, purchases made during the BTC crash in July 2022, when 80 bitcoins were purchased at an average of $19,000 each, have generated unrealized gains of up to 332.8%.
Bukele’s reaction on X was well received by the community of bitcoiners and ecosystem enthusiasts. Among the responses, that of Dennis Porter, CEO and co-founder of the organization Satoshi Act Fund, stood out, who commented that El Salvador is “making history” with its innovative approach towards Bitcoin.
El Salvador has turned the world’s eye on itself with its bitcoiner policy, and this recent increase in the value of the digital asset only reinforces Bukele’s vision of the importance and potential of this digital currency. With each increase in the price of BTC, El Salvador not only sees its assets increase, but also its influence on the global scenario of digital finance.
This article was created using artificial intelligence and edited by a human Editor.
