El Salvador's president is triumphant after his bet on bitcoin comes true
El Salvador's President Nayib Bukele is triumphant about his big bet on bitcoin as the cryptocurrency reached historic highs, surpassing $100,000 for the first time
SAN SALVADOR, El Salvador (AP) — As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador's President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency.
The adoption of bitcoin — which has been legal tender in the Central American nation since 2021 — never quite matched the president’s enthusiasm, but the value of the government’s reported investment now stands at more than $600 million.
Bitcoin has rallied mightily since Donald Trump’s election victory last month, exceeding the $100,000 mark on Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.
Just two years ago, bitcoin’s volatile value fell below $17,000. Bitcoin fell back below the $100,000 by Thursday afternoon, sitting just above $99,000 by 3 p.m. E.T.
