President Bukele Defends El Salvador’s Bitcoin Investment
President Nayib Bukele has taken to social media to defend El Salvador’s Bitcoin investment strategy, claiming that it is currently profitable. He stated that if the country were to sell its Bitcoin holdings at current spot rates, they would recover their previous investments and make a profit of over $3.2 million.
El Salvador’s Bitcoin Investment in the Green?
The price of Bitcoin is currently on an upward trend, reaching fresh 2023 highs. It has gained over 170% from its lows in 2022. Based on the current price movement, there is potential for further gains, with a possible liquidation point at $48,000. If Bitcoin continues to rise and reaches its 2021 peak of about $70,000, El Salvador’s investment would become profitable.
According to the Nayib Tracker, El Salvador currently holds 2,762 BTC purchased at an average cost of $42,434.31. At the current spot rates, these holdings are worth $115,252,956.96, resulting in a loss of over $1.9 million compared to the average purchase cost.
El Salvador faced heavy criticism when it decided to adopt Bitcoin as legal tender, especially during the crypto winter of 2022 and early 2023. Critics argued that the country would suffer significant losses due to Bitcoin’s volatility. However, President Bukele remains confident in their long-term investment and has no plans to sell.
Bukele challenges the naysayers and journalists who were pessimistic about El Salvador’s Bitcoin investment to retract their statements. He calls for equal coverage of gains and perceived losses, emphasizing the importance of journalistic integrity and accountability.
Bukele Takes Jab at Pessimistic Journalists and Naysayers
As Bitcoin prices continue to rise, President Bukele urges journalists to report on El Salvador’s investment with the same intensity as they reported on its potential losses. He believes that true journalists should acknowledge the new reality and provide unbiased coverage.
The current surge in Bitcoin’s price is driven by various factors, including expectations of spot Bitcoin ETFs and next year’s halving event. However, it remains uncertain whether this upward trend will continue in the future.
Hot Take: President Bukele Defends El Salvador’s Bitcoin Investment Amid Rising Prices
President Nayib Bukele is standing firm in his support for El Salvador’s Bitcoin investment strategy as prices continue to rise. Despite initial criticism and concerns about volatility, Bukele asserts that buying Bitcoin is a long-term investment opportunity for the country. He challenges skeptics to retract their statements and calls for fair reporting from journalists, highlighting the need for integrity and accountability in covering El Salvador’s investment. As Bitcoin reaches new highs, El Salvador’s investment has the potential to become profitable, further validating Bukele’s stance. The future of Bitcoin and its impact on El Salvador’s economy will be closely watched as the cryptocurrency market continues to evolve.
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