Minnesota Senator Proposes BTC Act After Going from Doubter to Believer
Minnesota State Senator Jeremy Miller has become the latest lawmaker to propose Bitcoin investments in his state.
According to Salvadoran President Nayib Bukele, El Salvador’s Bitcoin accumulated invested has increased by nearly 3%.
The president noted that the invention of the investment has been to hold, not to sell:
“Of course, we have no intention of selling; that has never been our objective… We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy.”
El Salvador’s #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Bukele stepped down as the president of El Salvador at the beginning of December, taking leave to focus on a reelection campaign. During his first time as the country’s president, El Salvador purchased Bitcoin as part of its national treasury investment. In September 2021, El Salvador’s investment was $10.3 million. Since then, it took a turn into the red, with the bear market dropping the value of the investment by more than half.
In spite of the downturn in the market, the country continued to add Bitcoin to its holdings. El Salvador had purchased $103.9 million worth of Bitcoin, with the value of Bitcoin continuing to plummet. Now, El Salvador’s Bitcoin holdings are at a profitable investment:
“With the current #Bitcoin market price, if we were to sell our #Bitcoin, we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment).”
El Salvador is important in the cryptocurrency space, with the country being the first to adopt Bitcoin as legal tender. While the International Monetary Fund believes that El Salvador’s adoption has been limited, the risks are restricted and have not “materialised.”