El Salvador President Optimistic About Bitcoin Amidst Global Investment Trends
Nayib Bukele, the President of El Salvador, recently addressed the topic of Bitcoin and his country's BTC holdings on the social media platform X. El Salvador made headlines in September 2021 by adopting Bitcoin as legal tender alongside the U.S. dollar.
In his message, Bukele pointed out the fluctuations in Bitcoin's market price and highlighted the criticism El Salvador faced during times of low market value. He noted that there were countless articles discussing the supposed losses incurred by El Salvador from its BTC investment. However, with Bitcoin's market price currently on the rise, Bukele revealed that if they were to sell now, they would make a profit of over 40% solely from market purchases. He emphasized that despite the fluctuations, the value of Bitcoin remains constant for them, stating, "1 BTC = 1 BTC," a principle applicable regardless of market conditions.
Bukele also mentioned new crypto investment opportunities emerging in Peru and Brazil in the form of Bitcoin spot exchange-traded funds (ETFs). In Brazil, the iShares Bitcoin Trust ETF (IBIT39) has been introduced on B3, one of the largest stock exchanges in the country. This instrument, launched by Blackrock using Brazilian Depositary Receipts (BDRs), allows trading of these securities domestically while being backed by ETF shares abroad.
Karina Saade, president of the management firm in Brazil, acknowledged the significance of the ETF as a "relevant asset class." Initially available to accredited investors, the BDR will later be accessible to all investors.
Similarly, the Lima Stock Exchange (BVL), one of Peru's largest stock exchanges, is now facilitating the trading of spot Bitcoin exchange-traded funds (ETFs) on its platform. According to a press release by the exchange, Peruvian investors will have access to Ishares Bitcoin Trust (IBIT), Vaneck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin (BTCO) through BVL's services.