El Salvador's President was elected as the cover character of Time, and his BTC investment strategy gained $265 million

El Salvador’s President Nayib Bukele revealed that the country has gained approximately $265 million after adopting BTC as a reserve asset and legal tender.

Bukele shared that El Salvador has invested $135 million in BTC, which has since grown to $400 million in public wallets alone.

According to Bukele, Salvadorans who have accepted BTC have also gained handsomely due to BTC’s appreciation this year.

“El Salvador invested $135 million. Now, we have $400 million in BTC in public wallets alone. We are doing well as a government. Salvadorans who use and save BTC are also doing well for obvious reasons like the price increase.”

In fact, El Salvador’s BTC holdings have generated over 38% profit due to strategic purchases made during the market downturn. According to Nayibtracker, El Salvador holds 5,856 BTC with unrealized profits of over $50 million.

In addition to economic gains, the adoption of BTC has also enhanced financial inclusion for many Salvadorans.

Bukele noted: "Many Salvadorans are using BTC; most large businesses in the country have BTC. You can go to McDonalds, a supermarket or a hotel and pay with BTC."

Bukele stressed that the adoption of BTC can only bring positive effects to the country, while also acknowledging the growing importance of BTC in the global financial system.

“BTC has not brought any negative impact. On the contrary, it has brought us a series of additional benefits such as brand, investment, tourism, etc.”

Bukele pointed out El Salvador’s first-mover advantage in exposure to BTC. The attention paid to BTC by major financial institutions was almost non-existent three years ago, which also highlights the growing influence of BTC.

Bukele also mentioned that some countries are now holding BTC reserves or investing in BTC and mining, adding that BTC is becoming a debate topic in the US presidential election.

“Now, BTC has become the largest fund in the world, and BlackRock has the largest BTC ETF.”

Despite the progress,Bukele admitted that BTC’s application in El Salvador has not yet reached the level he expected.

However, he remains optimistic about BTC’s future potential. Bukele said: "I wouldn't say it's the currency of the future, but it has great development prospects."

In addition, Bukele became the cover character of the latest issue of Time magazine.

Time magazine wrote in its article "How Bukele's 'Iron Fist' Changed El Salvador": Bukele has significantly changed the country's situation through his "iron-fisted" policy.

After Bukele took office, he took a series of tough measures to combat crime, especially against gangs, which led to a significant drop in violent crime rates.

However, these measures have also sparked controversy over human rights and the rule of law, with critics arguing that the government's measures are too harsh. Although Bukele's policies have brought short-term security improvements, the long-term effects and overall impact on society remain to be seen.

The article states that Bukele has engaged in a series of "gambling behaviors" that have not been welcomed by many foreign investors and creditors, including adopting BTC as legal tender and investing part of the country's reserves in this Crypto asset. The article also calls its "BTC gambling" a stumbling block.