El Salvador's Bitcoin Investment Turns Profit Amid Crypto Rally
TLDR:
- El Salvador’s bitcoin investment, declared legal tender in 2021, is now in profit by $3.6 million.
- President Nayib Bukele announced the nation’s success on X, highlighting potential profit and long-term strategy.
- Despite skepticism, El Salvador’s commitment to holding bitcoin has proven resilient amid market fluctuations.
- The portfolio, valued at approximately $131 million, signifies a significant step in integrating cryptocurrency into a nation’s financial system.
- Bukele calls on critics to retract statements, acknowledge El Salvador’s profitability, and emphasizes the nation’s unwavering approach to bitcoin holdings.
El Salvador President Nayib Bukele proudly declares the nation’s bitcoin portfolio is now in profit by approximately $3.6 million, marking a notable turnaround after a prolonged period in the red.
Despite the relatively modest size of El Salvador’s bitcoin holdings, valued at around $131 million, the nation’s adoption of bitcoin as legal tender and its commitment to periodic purchases have become significant in the crypto landscape.
Bukele’s Bitcoin Triumph
President Bukele took to X to announce the success of El Salvador’s bitcoin investment, stating, “El Salvador’s bitcoin investments are in the black.”
In his X post, he emphasizes the country’s potential to not only recover 100% of its initial investment but also generate a profit if they decide to sell their bitcoin holdings at the current market price.
“We have no intention of selling. That has never been our objective. We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy,” Bukele affirms.
Bitcoin as Legal Tender
El Salvador made history by adopting bitcoin as legal tender alongside the U.S. dollar in September 2021.
Despite criticism and skepticism, the move signified a pioneering step in integrating cryptocurrency into a nation’s official financial system.
“It is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit,” Bukele asserts.
Resilience Amid Market Fluctuations
Acknowledging the volatility of the crypto market, Bukele remains steadfast in El Salvador’s long-term strategy, emphasizing the resilience of the nation’s commitment to holding bitcoin.
The recent surge in bitcoin’s price, currently trading above $41,000, has contributed to El Salvador’s $3.6 million profit.
“We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy,” Bukele reaffirms.
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