El Salvador’s approach to Bitcoin investment has proven to be profitable, according to a recent announcement by former President Nayib Bukele.
The country’s total Bitcoin investments have reached $131 million, with a net profit of $3.6 million. This gain, amounting to 2.84%, comes amidst the cryptocurrency’s fluctuating market prices.
Bukele emphasized the country’s long-term strategy, stating no intention of selling the digital currency, despite its variable nature.
Bukele’s Presidency and Bitcoin Adoption
During Bukele’s tenure, El Salvador embarked on a significant financial venture by integrating Bitcoin into its national treasury. The initial investment in September 2021 was $10.3 million.
Despite a subsequent market downturn, where Bitcoin’s value halved, Bukele consistently invested in the cryptocurrency. This strategy resulted in the country’s Bitcoin portfolio experiencing a drastic fall, at one point, to $45 million from a book value of $103.9 million.
However, the recent market upturn has shifted the situation positively.
President Bukele’s post highlights the criticism El Salvador faced for its Bitcoin investments. He pointed out the numerous negative articles that focused on the country’s supposed financial losses due to fluctuating Bitcoin prices.
Bukele urged journalists and critics to acknowledge the current profitability of El Salvador’s investments and reconsider their previous stances. He emphasized the need for accurate and responsible reporting, reflecting the changing realities of the country’s Bitcoin strategy.
Also Read: Bukele Resigns as El Salvador President for 2024 Re-Election
