Bitcoin has once again defied doubts and reached new all-time highs Monday night, hitting as high as $89,500, and Nayib Bukele, the President of El Salvador, is celebrating the milestones with the BTC community.
Bukele is popular in the cryptocurrency industry for being a Bitcoin maximalist – an individual who strongly believes in BTC's superiority over other digital currencies and its path toward becoming the only cryptocurrency that the world will need in the future.
Bukele Claims Vindication After Years of Doubt
Bukele, who is considered an early adopter, has long been talking about Bitcoin's huge potential. Over the years, his statements have been met with skepticism, including from the International Monetary Fund (IMF).
"I told you so," Bukele wrote on X Monday, seemingly taunting the skeptics who didn't believe his decision to make the El Salvadoran government buy 1 BTC daily was a good gamble.
Crypto users flooded the comments section of his post, congratulating him and the "Bitcoin country" for the payoff of their Bitcoin strategy.
Memes abounded in the comments, with many showcasing how Bukele must feel now that BTC continues to surge and El Salvador is well on the way to acquiring 6,000 Bitcoins.
"You deserve this gloat," one user said, and crypto executive Wayne Vaughan said "the IMF will be so disappointed," referring to the time when the IMF warned El Salvador about the risks associated with its push for broader BTC adoption in the country.
Bitcoiner Lina Seiche pointed out how Bukele's Bitcoin strategy was criticized for years but said, "El Salvador never allocated more to Bitcoin than it could afford to lose." She explained that in BTC investments, there is no gamble. Instead, its "applied game theory," wherein "the first mover is about to reap his rewards."
El Salvador – The Country That Bought When Everyone Sold
Data from El Salvador's Bitcoin Office reveals that the Bukele government has not missed its daily BTC purchases even through the times when Bitcoin prices plummeted, especially in August – two weekend bloodbaths that sent BTC prices crashing to $44,000.
As of early Monday, El Salvador's Bitcoin treasury has reached 5,931 BTC, worth over $530.5 million. The country started purchasing 1 Bitcoin late in 2022, over a year after it became the first nation to recognize BTC as legal tender.
El Salvador vs Germany
Crypto content creator Vic Laranja highlighted how El Salvador compares to Germany in handling Bitcoins, pointing out how the latter lost "over $1 billion in potential gains."
While El Salvador was stacking up, Germany sold off all of its seized Bitcoins worth some $3 billion earlier this year. Laranja noted that with its BTC strategy, El Salvador "profited $116 million."
When Germany was selling off its BTC stash, there were theories that the European nation may have been dumping its Bitcoins to test the digital coin's "liquidity."
Meanwhile, Bitcoin is challenging $90,000 and is expected to continue climbing in the coming weeks as Donald Trump completes his cabinet and prepares to re-enter the White House.
