El Salvador’s Bitcoin Investment Yields $3.62 Million in Profit
President Nayib Bukele of El Salvador has revealed that the country’s much-debated investment in Bitcoin has proven to be immensely profitable. After facing a barrage of skepticism and criticism regarding the alleged losses incurred, Bukele proudly declared on Twitter that not only has the investment recovered its entire value, but it has also generated a remarkable profit of $3.62 million USD.
Bukele took to social media to address the numerous articles that had previously speculated on the country’s losses based on Bitcoin’s market price at the time. He stated, “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 our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 USD (as of this moment).”
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…
— Nayib Bukele (@nayibbukele) December 4, 2023
Despite the evident financial gain, Bukele made it abundantly clear that El Salvador has no intention of selling its Bitcoin holdings. The President emphasized that selling was never the objective and remains steadfast in the country’s long-term strategy, regardless of market fluctuations.
Calling for accountability, Bukele urged those who had criticized El Salvador’s Bitcoin investment to retract their statements, issue apologies, or at the very least, acknowledge the current profitable status. He insisted that responsible journalism demands the acknowledgment of this new reality with the same vigor with which the previous losses were reported.
“We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy,” Bukele affirmed. He ended his statement with a tantalizing promise, stating, “We’ll see… Stay tuned!”
This announcement marks a significant moment for El Salvador’s bold venture into adopting Bitcoin as legal tender. The revelation of profits challenges the narrative that the move was financially unsound, and it casts a renewed spotlight on the cryptocurrency’s potential as a national asset.
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