El Salvador’s Bitcoin Investments in Profit, Says President Bukele
According to Salvadoran President Nayib Bukele, the country’s Bitcoin investments have turned a profit. As of now, El Salvador’s cumulative BTC investments amount to $131 million, with a net profit of $3.6 million, resulting in a total gain of 2.84%. Bukele stated that their objective is not to sell and they understand that Bitcoin’s price will continue to fluctuate in the future, but this does not affect their long-term strategy.
Bukele’s Resignation and Bitcoin Investments
Bukele recently resigned as the president of El Salvador to focus on his 2024 reelection campaign. During his first term, the country began purchasing Bitcoin through its national treasury in September 2021 with an initial investment of $10.3 million. Despite the subsequent market downturn where Bitcoin’s price dropped by over 50%, Bukele continued to dollar-cost-average their investments throughout 2022. At one point, the value of El Salvador’s Bitcoin portfolio fell to $45 million from a book value of $103.9 million.
Hot Take: El Salvador Stands Firm on Bitcoin Strategy
El Salvador’s commitment to its Bitcoin strategy remains strong despite market fluctuations. President Bukele’s announcement about the profitability of their BTC investments showcases their long-term vision and confidence in digital assets. By continuing to hold their Bitcoin portfolio, El Salvador demonstrates resilience and belief in the potential of cryptocurrency. This success story provides inspiration for other countries and institutions considering adopting cryptocurrencies as part of their financial strategies.
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