After more than a year, El Salvador’s heavy investment in Bitcoin is now in the green. In a Monday post on X (formerly Twitter), the president of El Salvador, Nayib Bukele, revealed that the country’s Bitcoin stash is back in the green as the digital asset’s price recently crossed $42,000.
El Salvador's #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
The bitcoin-loving president revealed that selling BTC at the current market price of Bitcoin will not only allow the recovery of its entire investment but will also earn the country a profit of $3,620,277.
However, Bukele clearly stated that the country has no plans to sell its Bitcoin holdings despite the significant profit potential because it has never been the nation’s objective. He added:
“We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
Bukele’s Slams Critics
Bukele’s recent tweet comes in response to several articles and hit pieces discussing the nation’s cryptocurrency losses. Using Bitcoin’s market price some time ago, various articles claimed that the country had incurred losses of millions of dollars on its cryptocurrency investment.
President Bukele called for those who had criticized El Salvador’s Bitcoin endeavors, urging for retractions, apologies, or, at the very least, acknowledging the country’s profit. Additionally, he asserted that responsible journalism requires the acknowledgment of the new reality with the same level of intensity in reporting positive developments as it did in covering perceived losses.
The current profit of El Salvador’s investment highlights the importance of adapting to the dynamic nature of the cryptocurrency market. The nation’s relationship with Bitcoin might influence other countries considering similar ventures, encouraging a reassessment of cryptocurrencies’ place in economic strategies.
El Salvador adopted Bitcoin as a legal tender in September 2021, a step that has faced several challenges and criticism from governments and organizations. On December 1, Bukele stepped down as the President of El Salvador to focus on his 2024 re-election campaign.
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