Critics Laugh at Bitcoin Price Drop
The price of Bitcoin experienced a steady increase at the start of this year, reaching over $20,000. However, events such as MicroStrategy’s Q4 2022 earnings report triggered a price dump, causing Bitcoin to fall to a low of $23,439. This drew attention from Bitcoin critics who mocked investors’ losses and labeled Bitcoin a technological failure.
El Salvador’s BTC Investment Recovers
Bitcoin is currently trading at $41,474.76 with a 4.53% increase in the last 24 hours. El Salvador President Nayib Bukele confirmed that the country’s BTC investment has not only recovered its previous loss but also gained more than $3 million in profit with an All-Time gain of 2.84%. The nation’s BTC portfolio is now valued at over $130 million.
No Plans to Sell BTC Stash
Bukele reiterated that El Salvador has no plans to sell its BTC holdings. He acknowledged the volatility of crypto prices but emphasized that the country will continue to stick to its Bitcoin strategy, similar to MicroStrategy.
“It is important that the naysayers and the authors of those hit pieces take back their statements. 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,” he said.
Hot Take: Bitcoin Critics Proven Wrong as El Salvador Gains Profit
The recent recovery in Bitcoin’s price has turned the tables on Bitcoin critics who previously ridiculed investors. El Salvador President Nayib Bukele announced that the country’s BTC investment has not only recovered its losses but also gained significant profit. This success highlights the resilience of Bitcoin and challenges the negative narratives surrounding it. It also serves as a reminder that cryptocurrency investments can be volatile but can also yield substantial gains over time.
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