Big Surge in Bitcoin Makes This Country Richer….

Bitcoin, the largest cryptocurrency in terms of market value, crossed the level of one lakh dollars for the first time on Thursday. There has been a strong rise in the crypto market since the victory of Donald Trump in the presidential election in America. Due to this, El Salvador, the first country to recognize Bitcoin, has made a lot of profit.

El Salvador President Nayib Bukle shared a screenshot on the social media platform Facebook and said that his government has a profit of about $ 333 million on its holding of Bitcoin. El Salvador has about 6,000 Bitcoins. After this post of Nayib on social media, many users praised him. These included Elon Musk, chief of American electric vehicle (EV) company Tesla and supporter of cryptocurrencies. However, Nayib also expressed displeasure over the opposition party in his country opposing Bitcoin. He said that due to this the people of El Salvador had missed investing in Bitcoin at low prices.

However, Bitcoin was down by more than four percent on Friday and its price was around $98,600. The price of Bitcoin has doubled this year. Bitcoin has gained about 45 percent since Trump’s victory. Bitcoin created a new high level of $ 1,00,277 on Thursday. Making policies for this segment may be on the agenda of the new Trump-led government that takes charge in the US early next year. Trump has announced to give the responsibility of head of the market regulator Securities and Exchange Commission (SEC) in America to Paul Atkins. Atkins has also previously held the position of commissioner in the SEC.

The interest of institutional investors in this segment has also increased. Recently, software company MicroStrategy has purchased approximately 15,400 bitcoins for approximately $1.5 billion. This company already has a larger holding of Bitcoin. MicroStrategy holds approximately 4,02,100 Bitcoins. This is a little less than two percent of the total supply of 21 million tokens of this most popular cryptocurrency. MicroStrategy has purchased approximately 15,400 Bitcoins last week at an average price of $95,976. However, questions have also been raised regarding the company’s investment strategy in Bitcoin.