El Salvador's bitcoin stash sees $357 million in unrealized profit as BTC tests all-time high

El Salvador's bitcoin bet has generated over $357 million in unrealized profit, according to a social media post by President Nayib Bukele. The profit reflects bitcoin's latest rally, which is approaching its previous record-high of $108,786.

Based on the screenshot shared by Nayib Bukele in his social media post on X, El Salvador's BTC portfolio was valued at over $644.4 million, compared to an initial investment of $287.1 million. This reflects an unrealized profit margin of 124.4%, with $69.8 million in unrealized gains generated so far this year.

El Salvador currently holds roughly 6,181 BTC, worth about $639 million at the time of writing, according to the country's bitcoin office.

In June 2021, El Salvador became the first country to formally adopt bitcoin as a legal tender, as proposed by Bukele, in order to promote financial inclusion. Since then, the country has been steadily accumulating bitcoin. 

Bukele maintained his advocacy for bitcoin accumulation despite the country's agreements with the IMF to limit bitcoin-related activities in exchange for a financing package. The agreements, including making bitcoin acceptance voluntary for the country's private sector, were quickly made into a bill that was passed by its legislature in January.

"If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won't stop now, and it won't stop in the future," Bukele previously said on X.

Meanwhile, bitcoin is currently trading at $103,643, according to The Block's bitcoin price page, after hitting a local high of around $106,500 earlier today. The world's largest cryptocurrency has rallied in recent weeks as more investors gained confidence in bitcoin's resilience and expectations of a resolution from the U.S. trade dispute with China.