Nayib Bukele, the President of El Salvador, provided insights into the nation's bitcoin investments as the cryptocurrency's value surged past $42,000. Bukele revealed on X that, with the current market price, selling El Salvador's bitcoin holdings would not only recover 100% of the investment but also yield a profit of $3,620,277.13.
El Salvador's decision to embrace bitcoin as legal tender, invest state funds in bitcoin, and offer technical support for widespread bitcoin integration drew applause from the crypto community but faced criticism from entities like the World Bank.
Despite the short-term price volatility, Bukele remains a vocal advocate for bitcoin as a decentralized asset, offering his country an alternative to U.S. dollar dominance. In his recent post, he addressed critics, emphasizing that El Salvador's bitcoin investments are profitable.
"We have no intention of selling," Bukele stated, acknowledging the potential for future price fluctuations but asserting that it doesn't impact the country's long-term strategy. He shared a detailed chart outlining El Salvador's bitcoin portfolio, revealing holdings worth $130,888,791.
Since October 2021, El Salvador has made 11 bitcoin purchases at various prices, with the latest acquisition occurring below the $20,000 mark in late 2022. According to Bukele's chart, the country has realized a 2.84% profit on its bitcoin investments.
Bukele proudly announced that El Salvador's bitcoin treasury plan has been profitable, emphasizing their commitment to holding rather than selling. The President, known for making impactful changes in his country, considers bitcoin a crucial element of his economic vision for El Salvador.
As the world anticipates a broader bitcoin bull run, Bukele is poised to highlight the significance of his nation's crypto adoption, positioning El Salvador as a leading example for countries seeking alternatives to the dollar. In response to critics, he urged retractions, apologies, or acknowledgment of El Salvador's profitable venture, challenging the negative narratives that previously surrounded the nation's bitcoin endeavors.
El Salvador's ongoing experiment with bitcoin stands as a beacon for other countries considering a departure from the dollar as the global reserve asset. With attention turning to Argentina's potential dismantling of its central bank, bitcoin's role as a "supernational asset" gains increasing relevance on the global stage.
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