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Highlights
- Elon Musk conveys optimism over El Salvador's strategic Bitcoin reserve.
- Nayib Bukele's Bitcoin bet pays off, with the reserve boasting over 100% profit.
- BTC price hits a new ATH, topping the $100K mark.
American billionaire Elon Musk on Thursday lauded El Salvador president Nayib Bukele, primarily pointing out the nation’s strategic Bitcoin reserve. The Tesla & SpaceX lead recently commented on X, calling the nation’s BTC reserve portfolio “impressive.” In light of the flagship crypto recently topping the highly optimistic $100K mark, this saga has sparked noteworthy discussions among crypto enthusiasts surrounding the coin’s market potential.
Elon Musk Lauds Nayib Bukele Over El Salvador’s Bitcoin Reserve
In an X post on December 5, the Tesla & SpaceX lead called El Salvador’s Bitcoin reserve “impressive.” This statement by Elon Musk comes against the backdrop of Nayib Bukele and the nation’s BTC bets paying off.
Notably, Bukele posted on X, revealing the nation’s reserve portfolio. Per the post, the Salvadorean government’s $333.59 million investment now boasts a total value of $603.34 million. The total profit on this investment marked gains worth 124%. In turn, this saga has echoed a market frenzy.
Meanwhile, the latest data by Arkham Intelligence indicated that the Salvadoran government address is still investing 1 BTC every day. The entity currently holds 5,955 BTC, with a massive profit, as mentioned above. Overall, this massive buying has in turn underscored the asset’s immense market potential. Simultaneously, the flagship crypto continues to solidify bullishness among investors, topping the $100K mark recently.
BTC Reaches New ATH
It’s noteworthy that Bitcoin hit a new ATH at the $103,900 mark recently, offering significant aid to El Salvador’s reserve, as also spotlighted by Elon Musk. At press time, BTC price gained roughly 8% intraday to reach $102,441. Its 24-hour low was recorded as $94,660.
Intriguingly, the flagship crypto sees a bull run in light of Donald Trump’s reelection to the white house. Subsequently, with Trump appointing Paul Atkins as the new SEC commissioner, market sentiments over future movements remain optimistic.
Although it’s also worth mentioning that the defunct crypto exchange Mt Gox was recorded moving heavy amounts of the crypto, market sentiments mainly remain bullish in Q4. A top analyst, Ali Martinez, further revealed that the coin eyes more gains ahead before a major correction hits.
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