El Salvador, December 5, 2023 – President Nayib Bukele of El Salvador has recently announced that the country’s controversial Bitcoin investments have proven profitable, defying earlier predictions and criticisms. This development comes after months of negative publicity and skepticism surrounding the nation’s venture into the world of cryptocurrencies.
Bitcoin investment in the black
In a tweet posted on X (formerly Twitter), President Bukele revealed that El Salvador’s Bitcoin investments are now in the black. Contrary to the projections of numerous critics and naysayers, he stated that if the country were to sell its Bitcoin holdings at the current market price, it would not only recover its initial investment but also turn a profit of $3,620,277.13. This announcement marks a significant turn of events for a nation that faced substantial skepticism regarding its foray into the realm of digital assets.
Despite the newfound financial success, President Bukele emphasized that El Salvador’s primary objective has never been about short-term gains but rather a long-term strategy. This strategy is designed to extend beyond the current fluctuations in the value of Bitcoin. Bukele acknowledged the inherent volatility in cryptocurrency markets but remained steadfast in the government’s commitment to its unconventional financial approach.
Call for retractions and recognition
In a bold challenge to journalists and critics, President Bukele called for a reassessment of their stance. He urged those who had previously criticized El Salvador’s Bitcoin ventures to issue retractions, apologies, or, at the very least, recognize the nation’s current profitable position. Bukele emphasized that true professionals in journalism should report this positive development with the same enthusiasm and intensity that they used to report the supposed losses.
President Bukele’s announcement followed Bitcoin’s recent rally above $42,000. However, it’s worth noting that, according to the current market price of BTC and updated data from Nayib Tracker, El Salvador’s current Bitcoin holdings have experienced a 1.73% decrease in value, resulting in a $2 million loss. As of the latest data available, the country’s Bitcoin holdings stand at $115,212,499, with Bitcoin’s price trading at $41,682.
The future of El Salvador’s Bitcoin investments
While El Salvador’s Bitcoin investments have recently demonstrated profitability, the nation has not yet made plans to cash in on its holdings. President Bukele’s administration remains committed to its long-term vision, emphasizing the need to withstand the inherent volatility of cryptocurrency markets. The government’s approach continues to draw attention on the global stage, and its success could have far-reaching implications for other nations considering similar ventures into digital assets.
Source: https://www.cryptopolitan.com/el-salvadors-bitcoin-investment-turn/