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El Salvador Made $1 Million on BTC Trading in 11 Hour: Here's How

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Tue, 05/10/2022 - 11:30
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Arman Shirinyan
Nayib Bukele flexes country's $1 million profit in only 11 hours while being down around $20 million
El Salvador Made $1 Million on BTC Trading in 11 Hour: Here's How
Cover image via stock.adobe.com

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The most recent purchase of 500 BTC made by El Salvador at approximately $30,000 has already turned a profit, and the country's president shows off the successful deal in his Twitter account.

According to the post, the country's balance is up to $1 million in only 11 hours right after buying many coins. But while Bukele brags about a successful deal, users rushed to remind the president that the country is down by approximately $20 million, since their average Bitcoin entry is around $45,000.

El Salvador will profit from the Bitcoin position only after the first cryptocurrency rallies by approximately 40% from the price at which it trades now. The country started buying Bitcoin back in September when BTC was trading at around $50,000.

Country fails to adopt Bitcoin

Unfortunately for the country's permabull president, citizens of El Salvador are not feeling like switching to Bitcoin and using the widely pushed Chivo wallet. As U.Today has previously covered, 60% of the country's citizens dropped the Chivo wallet after receiving free $30.

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Companies functioning in the country are also not rushing to accept Bitcoin as only 20% of all businesses offer BTC payments. Reportedly, some businesses that have previously accepted BTC are now ditching it and returning to the basics.

As for taxes, only 5% of all citizens of El Salvador are choosing to pay their taxes with the help of the Chivo wallet.

Such a low rate of adoption is most likely tied to the volatile nature of Bitcoin and the technical complexity of using a crypto wallet, especially for elderly people.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.