El Salvador’s “paper” profits from investments in the leading cryptocurrency have reached 40%, or approximately $41.6 million, according to the country’s president, Nayib Bukele.
When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.
Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…
— Nayib Bukele (@nayibbukele) February 28, 2024
“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. […] But it is very telling that the authors of these materials, ‘analysts’, ‘experts’, ‘journalists’ are now completely silent,” the head of El Salvador recalled.
At the time of writing, the state owns 2381 BTC valued at $149.1 million, according to Buy Bitcoin Worldwide.
Bukele also clarified that the country’s profits from investments in the asset are calculated solely based on “market purchases.”
The president added that the country’s leadership does not intend to sell the coins for now.
“In the end, 1 BTC equals 1 BTC. This was true when the market price was low, and it is true now,” he concluded.
Currently, the primary source of digital gold in El Salvador is the citizenship program, Bukele noted.
In December 2023, the authorities launched the “Bitcoin Freedom Visa,” which offers residency and the chance to obtain a local passport for investments of $1 million through the leading cryptocurrency or USDT.
Under Bukele’s post on X, many market participants congratulated El Salvador on its successful investments. Representatives of the Kraken cryptocurrency exchange thanked him for the initial steps in global Bitcoin adoption.
However, there were skeptics. Peter Schiff, president of Euro Pacific Capital and a critic of the leading cryptocurrency, stated that realized profits should be considered. In response, Bukele suggested his interlocutor “cry harder.”
Cry harder ? https://t.co/t8oSk9WUjo
— Nayib Bukele (@nayibbukele) February 28, 2024
Meanwhile, the value of MicroStrategy’s Bitcoin portfolio reached a peak of $12 billion as the coin’s price rose above $60,000. The company’s total assets amount to 193,000 BTC.
Earlier in February, Nayib Bukele was re-elected as president of El Salvador. He promised to continue following the Bitcoin strategy.