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President Bukele champions El Salvador’s multiple Bitcoin revenue streams
President Nayib Bukele outlined El Salvador's lucrative journey within the Bitcoin ecosystem.
2 min read
Updated: Mar. 12, 2024 at 11:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Nayyib Bukele, the President of El Salvador, revealed that the Central American nation generates multiple Bitcoin revenues from various channels alongside its BTC holdings.
In a Mar 11. post on social media platform X (formerly Twitter), the president outlined four additional sources of Bitcoin revenue for the government, including:
- Revenue from its passport program.
- Income generated from Bitcoin mining.
- Profits from helping local businesses convert BTC to USD, and
- Revenue from undisclosed government services.
BTC-related revenue streams
El Salvador’s pioneering “Bitcoin for citizenship” initiative is a cornerstone in the nation’s BTC revenue framework, epitomizing a novel approach to driving domestic progress through digital assets.
Under this scheme, up to 1,000 individuals annually can secure citizenship by investing $1 million worth of BTC or USDT in the country.
Additionally, El Salvador taps into Bitcoin’s potential through mining operations. Last year, the nation embarked on a significant public-private collaboration, injecting $1 billion to establish one of the largest Bitcoin mining facilities. This venture prioritizes renewable energy sources and enjoys robust support from key industry players.
Significantly, 23% of the mining project’s net proceeds are earmarked for the Salvadoran government.
Moreover, President Bukele highlights the government’s gains from converting BTC to USD, benefiting local enterprises, and pioneering innovative financial instruments like Bitcoin bonds.
$85 million profit
Bukele’s disclosure coincided with El Salvador’s BTC investment, yielding around 70% gains following the crypto market rally.
Since El Salvador declared Bitcoin a legal tender in 2021, the country has strategically acquired the top crypto even during the bear market situations, which caused significant losses to its portfolio.
This steadfastness is paying off, with Bitcoin’s value soaring to a new all-time high of more than $72,000. The nation’s portfolio now totals 2,861 BTC, valued at approximately $207 million, with an unrealized profit of roughly $85 million.
Despite these substantial gains, President Bukele emphasized that El Salvador has no intentions of selling its BTC holdings. Instead, the country views them as a permanent reserve, indicating a long-term commitment to its crypto strategy.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.