El Salvador boasts 40% profit from Bitcoin investment

El Salvador’s president Nayib Bukele has claimed that his country would make a 40% profit if it sold all of its Bitcoin holdings today, according to a post he shared on X, formerly known as Twitter. He also revealed that the main source of Bitcoin for the Central American nation is now its citizenship program, which grants fast-track citizenship to anyone who invests $1 million in Bitcoin or USDT, a stablecoin backed by the US dollar.

Bukele’s post came amid a surge in Bitcoin’s market price, which reached a new high of $64,000 in the past 12 hours. He taunted the critics and skeptics who had written “thousands of articles” about El Salvador’s supposed losses when Bitcoin’s price was low. He said that the authors of those “hit pieces”, the “analysts”, the “experts”, and the “journalists” were “totally silent” now. He urged his followers to remember this the next time they “spill lies” about El Salvador.

El Salvador joined the Bitcoin race in September 2021, when it became the first country in the world to recognize Bitcoin as legal tender, alongside the US dollar. Since then, the country has made 12 large purchases of Bitcoin, totaling 2,849 coins. The average cost of these purchases was $42,504 per coin. The portfolio has been in the black since December 2023 and has been recording profits ever since, following the impressive growth of Bitcoin. Bukele has also announced that El Salvador will buy one Bitcoin every day as part of a dollar-cost averaging (DCA) strategy.

Source:  Nayib Tracker 

The adoption of Bitcoin as legal tender has been controversial both within and outside El Salvador, due to the volatility of the cryptocurrency, its environmental impact, and the lack of transparency regarding the government’s fiscal policy. Some economists have warned that the move could expose the country to financial risks and regulatory challenges. However, Bukele has defended his decision as a way to improve the economy, facilitate remittances, and attract foreign investment. He has also announced plans to build a “Bitcoin City” powered by geothermal energy from a volcano.

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