El Salvador’s President Nayib Bukele said that the country’s bitcoin investments have begun to yield profits amid recent price movements.
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…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
According to him, the value of the portfolio rose by $3.6 million after a long period in the red.
«If we sold our bitcoins at the current market price, we would not only have recovered 100% of our investments, but also earned a profit», — Bukele wrote.
The Salvadoran president stressed that there are no plans to sell the country’s first cryptocurrency, as “this was never the goal.” He also addressed sceptics who criticised the country’s bitcoin investments, demanding that they admit their mistake.
As of writing, El Salvador holds 2,381 BTC in its state fund, worth $98.9 million, according to Buy Bitcoin Worldwide.
As reported in autumn 2021, the country recognized the first cryptocurrency as a legal means of payment.
Vice President Félix Ulloa called the decision the most important element in exiting the crisis. He said the legalization of bitcoin attracted new investors and helped spur a tourism boom.