El Salvadors president, Nayib Bukele, has expressed his delight as the countrys Bitcoin portfolio records massive gains with BTCs surge past $106,000.Bukele took to X to highlight the milestone, sharing El Salvadors Bitcoin portfolio gains. Per the tweet, the countrys stash of the premier asset has crossed the $632 million valuation mark.El Salvadors Bitcoin Stash Tops $632MNotably, a screenshot of El Salvadors Bitcoin Office platform shows that the portfolio hit $632 million when Bitcoin reached a new all-time high of $106,488. Of the total portfolio value, the country invested $270 million to purchase its 5,966 BTC stash.Bukeres post shows that El Salvador has an unrealized profit of $362 million, a staggering 133.95% portfolio increase. Notably, the chart shows that the countrys wallet surged from around $100 million in late 2023 to the new high.El Salvador Bitcoin PortfolioMeanwhile, El Salvador maintains its practice of buying one Bitcoin daily until it becomes impossible to acquire with fiat. At the time of writing, the countrys portfolio has reduced slightly to $619 million, following Bitcoins retracement to $103,851.Earlier last year, when El Salvador's Bitcoin bet started paying off, Bukele criticized legacy media outlets for predicting doom for the country following its adoption of Bitcoin. Despite the country's massive profits, the IMF still urged the El Salvadoran government last month to reconsider its Bitcoin stance.Bitget Acquires BSP License in El SalvadorMeanwhile, as El Salvador pursues its Bitcoin-friendly policies, the leading crypto exchange, Bitget, has announced that it has received an official license to operate in the country. In a blog post on Dec 13, Bitget noted that it has acquired the Bitcoin Service Provider (BSP) license from the El Salvadoran Central Reserve Bank.The authorization allows Bitget to service El Salvadors residents, offering them Bitcoin-to-fiat conversion, payments, and custody services. Meanwhile, Bitget will pursue the Digital Assets Service Provider (DASP) license, allowing the exchange of a wider range of offerings in the country.Bitgets Chief Business Officer, Min Lin, stated that El Salvador is a pioneer in the Bitcoin sector. He sees El Salvadors entrance as a gateway to unlocking cryptocurrencys potential and driving a competitive change in the real-world use case.
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