El Salvador's President Proves Critics Wrong As Bitcoin Investment Now a Lucrative Move
President Nayib Bukele hails Bitcoin investment as profitable amidst earlier criticisms.
El Salvador’s President Nayib Bukele has responded to critics who questioned his country’s decision to invest in Bitcoin, using social media to announce that El Salvador’s controversial Bitcoin investment is now profitable. “El Salvador’s Bitcoin investments are in the black. If we were to sell our Bitcoin at the current market price, we would not only recover 100% of our investment but also make a profit.” he stated today.
Bukele revealed in his post that El Salvador has profited by about $3.6 million due to the recent rise in Bitcoin’s 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,” the President stated. Bitcoin is currently trading above $41,000, having dipped to less than $17,000 in late 2022.
Bukele seemed eager to celebrate his success, given the past criticism of his decision to use government funds to purchase Bitcoin for his country. “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,” Bukulele said.
In September 2021, the small Latin American nation declared Bitcoin legal tender alongside the U.S. dollar. Since then, El Salvador has been periodically purchasing Bitcoin. Although the amount of Bitcoin acquired is relatively small, with the country’s portfolio valued at approximately $131 million according to Bukele’s post, the fact that a sovereign nation is investing in a cryptocurrency that many countries still view skeptically is noteworthy. There was a point when the value of El Salvador’s portfolio fell dramatically due to a decline in Bitcoin’s price during the onset of the crypto winter, leading some to question the wisdom of Bukele’s fiscal strategy.