El Salvador President Nayib Bukele’s Bitcoin Investment
El Salvador’s president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. In November of last year, he announced that the country would add one Bitcoin per day to its balance sheet. However, Bukele has faced criticism for his reckless approach to investing in cryptocurrency.
The Performance of Bukele’s Investment
According to the NayibTracker website, which tracks Bukele’s Bitcoin purchases based on his tweets, he is currently down nearly 8% on his investment of 3,120 BTC. The average price at which he purchased Bitcoin is $40,498 per coin. He spent over $126 million on the cryptocurrency, but it is now worth $116 million.
All of the Bitcoin purchased by Bukele has been below its all-time high of $69,044 in November 2021. The most expensive batch he bought was 420 coins priced at $60,345.
The Bright Side for El Salvador
Despite the negative performance of Bukele’s investment, El Salvador has experienced positive developments. The country was expected to default on its national debts but has since seen a rally in its bonds, providing investors with significant returns.
Bukele has transformed El Salvador from a nation known for surfing, civil war, and gang violence into a tech hub that attracts foreign investment. His crackdown on gangs has led to a decrease in the murder rate and hopes to attract expats and deter migration to the United States.
The Dilemma with Bitcoin
While Bukele’s efforts have improved security in El Salvador, Bitcoin remains a controversial issue. If his investment turns profitable in the future, he may need to convince his citizens about the benefits of cryptocurrency.
Hot Take: Bukele’s Risky Bitcoin Bet
Nayib Bukele, the president of El Salvador, made a bold move by investing heavily in Bitcoin. However, his investment has not performed well, with a nearly 8% decline in value. Despite this setback, Bukele has brought positive changes to El Salvador and hopes to attract foreign investment. While Bitcoin remains a divisive topic in the country, Bukele’s bet could still pay off in the future.
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