El Salvador’s head of state, Nayib Bukele, recently announced that the nation’s bitcoin investment has turned profitable, rebounding from a prolonged period of losses experienced during the majority of last year’s crypto winter. Bukele revealed that the value of the country’s cryptocurrency holdings has risen by $3.6 million, based on current bitcoin exchange rates.
El Salvador Sees Country’s Bitcoin Investment Turn Profitable
The Latin American nation has been incorporating bitcoin (BTC) into its national reserves, adopting a strategy of dollar-cost averaging since 2022. According to figures from BTC treasury tracking websites, El Salvador’s bitcoin assets amount to 2,381 BTC, valued at slightly above $98 million with the current exchange rates. On Monday, Bukele enthusiastically shared on the social media platform X that El Salvador’s BTC financial statement had successfully transitioned into the black.
“El Salvador’s bitcoin investments are in the black,” Bukele wrote. “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,” the Salvadoran president added. Bukele emphasized that with the prevailing exchange rates, El Salvador is poised not just to recover its initial investment in bitcoin but to also gain a profit of $3.6 million. Bukele added:
Of course, 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 latest statement from Bukele comes in the wake of similar positive financial reports from Microstrategy concerning its BTC investments. The leader of El Salvador stressed the importance of critics and writers of negative articles reconsidering their positions, urging them to “take back their statements.”
Bukele suggested that it would be appropriate and 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, just as they repeatedly reported that we were incurring losses.”
What do you think about the Salvadoran President’s recent statements about the country’s national reserves of bitcoin? Share your thoughts and opinions about this subject in the comments section below.
source https://news.bitcoin.com/el-salvador-triumphs-in-bitcoin-bet-president-nayib-bukele-announces-3-6-million-profit/
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