President Nayib Bukele of El Salvador has hinted that his country’s bitcoin reserves might surpass public estimations. Bukele disclosed that El Salvador has been accumulating bitcoin from various revenue streams, in addition to profits generated from bitcoin holdings acquired since the cryptocurrency was adopted as legal tender in September 2021.
In a social media post on X, Bukele asserted that El Salvador has diversified its bitcoin-related income sources. Apart from capital gains derived from bitcoin purchases, the country earns revenues through its passport program, BTC-to-USD conversions for local businesses, mining activities, and government services.
The disclosure follows assertions by Crypto Rover, alleging that El Salvador generated an $83 million profit through its bitcoin investment strategy. Bukele’s revelation unveils further sources of BTC income that were not previously disclosed to the public.
While some of El Salvador’s BTC acquisitions were publicly announced by Bukele, detailed information regarding subsequent purchases has not been disclosed. As of now, the country’s bitcoin reserves are estimated to exceed $202 million, according to the Nayib Bukele Portfolio Tracker. El Salvador’s BTC holdings have significantly appreciated in value, driven by the recent surge in bitcoin prices.
Stacy Herbert, head of El Salvador’s National Bitcoin Office, commented on Bukele’s remarks, suggesting that the country’s bitcoin reserves might surpass the figures tracked by online portfolio trackers. She highlighted the success of El Salvador’s various bitcoin initiatives, including the Freedom Passport program.