Nayib Bukele Celebrates Profit from El Salvador’s Bitcoin Investment
El Salvador’s decision to invest in Bitcoin has proven profitable, with the country’s portfolio showing an unrealized profit of over $3.6 million. Despite facing criticism from mainstream media and traditional finance institutions, President Nayib Bukele defended the move and demanded apologies from critics.
Bitcoin Investment Turns Profitable
El Salvador’s conviction in holding Bitcoin throughout the bear market paid off as the cryptocurrency reached $42,000. This decision led to the country’s portfolio becoming profitable after experiencing unrealized losses of over $54 million during the lows of November 2022. Bukele announced that El Salvador would continue to buy one Bitcoin every day.
Bukele Demands Apologies from Critics
In response to the heavy criticism faced by El Salvador’s Bitcoin adoption, Bukele called out mainstream media companies and urged them to retract their statements or issue apologies. He emphasized that El Salvador is now yielding a profit and deserves recognition for its success.
Current State of El Salvador’s Bitcoin Portfolio
While El Salvador’s portfolio was profitable at the time of Bukele’s announcement, it currently has an unrealized loss of 2.34%. The country holds 2,762 Bitcoin at an average price of $42,434 according to Nayib Tracker, a website that tracks El Salvador’s Bitcoin holdings.
The Impact of Bitcoin on El Salvador
Many citizens of El Salvador see Bitcoin as a source of hope, encouraging financial education and empowering the unbanked population.
Hot Take: El Salvador’s Bitcoin Investment Proves Critics Wrong
The success of El Salvador’s Bitcoin investment serves as a powerful rebuttal to critics who doubted the country’s decision. Despite facing backlash, El Salvador’s bold move has resulted in significant profits and showcases the potential benefits of adopting cryptocurrencies at a national level.
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