Bitcoin price is at a record high, the government of a country makes a big profit by taking advantage of ‘bottom fishing’ 1 month ago

On the evening of October 20, Vietnam time, Bitcoin – the world’s largest cryptocurrency has officially reached an all-time high, when it touched $66,400/BTC, breaking the previous peak of $63,500 in April. .

Reportedly, the biggest driver of this Bitcoin price increase came from the US Securities and Exchange Commission’s green light for the first Bitcoin Futures-based Exchange-Traded Fund (Bitcoin ETF). in U.S.A.

Notably, Bitcoin’s strong price increase in just a short time also brings quite significant profits to many investors, especially investors who “dare” to catch the bottom when the price of this cryptocurrency plunges. sloped 1 month ago. One of them is Mr. Nayib Bukele – President of El Salvador.

President Nayib Bukele

According to Cointelegraph, the head of the country in Central America had 2 bottoms in Bitcoin when the cryptocurrency plunged to $45,000, September 20 and September 7, respectively, with a total of 300 BTC. is purchased.

Combined with the 400 BTC purchased as soon as El Salvador passed a new law recognizing Bitcoin as a legal payment currency, the country is holding a total of 700 BTC. Although not officially announced, the total amount El Salvador spent to buy the aforementioned Bitcoin is estimated at about 34.3 million USD, or about 49,000 USD for 1 BTC on average.

However, with the current Bitcoin price ($65,610, at 3:30 p.m. on October 21 according to Coinmarketcap data), El Savaldo’s 700 BTC total is now worth up to $45.9 million. . According to calculations by many crypto experts, if El Salvador decides to sell all of its Bitcoin holdings at the present time, the government of this country can make a profit of up to 11.6 million USD (about 23 million USD in profit). 4%) after just 1 month of investing in Bitcoin.

Notably, besides buying Bitcoin, the El Salvardor government also aims to mine Bitcoin in the country by taking advantage of the energy obtained from the volcano. Accordingly, the country has built an energy production plant operated by LaGeo – a geothermal company owned by the country’s government. This plant will be in charge of providing electricity for the Bitcoin mining farms of the El Savaldor government to operate.

Geothermal Plant Powers El Salvador’s Bitcoin Mining Farms

More than 2 weeks ago, El Salvador claimed to have mined 0.00599179 Bitcoins thanks to volcanic energy. This number is expected to increase in the near future, as new Bitcoin mining ASICs are still being “tested and installed” by the government of El Salvador.