Bukele Announces El Salvador's Bitcoin Gamble is Now Profitable
The country's investment is up by about $4.1 million as BTC touches $42,000.
By: Camila Russo • Loading...News Chain
El Salvador's President Nayib Bukele was very happy to prove nay-sayers wrong, announcing that the country's Bitcoin investments are now profitable.
Bukele said on X that El Salvador's Bitcoin holdings, if sold at the current market price, would not only recover the total investment but also generate a profit exceeding $3.6 million. This news comes as Bitcoin surged above $42,000.
This profit margin has since increased to approximately $4.1 million. As of the latest reports, El Salvador holds 3,144 Bitcoin tokens, acquired for a total of $127,268,514. This investment, which averaged a purchase price of about $40,479.81 per Bitcoin over two years, is now valued at $131,392,743, reflecting a profit of $4,124,228.
Bukele emphasized El Salvador has no intention of selling its Bitcoin holdings, reaffirming the country's commitment to a long-term strategy in its Bitcoin involvement.
"Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy," he said.
This stance is a continuation of the approach Bukele has maintained since the country began its Bitcoin purchases in September 2021. Since then, El Salvador has made at least 12 Bitcoin purchases, with the most recent three being the only profitable trades so far.
Notably, one of El Salvador's largest losses occurred in October 2021, when a single purchase resulted in a loss exceeding $7.79 million.
Bukele urged those who seemed to gleefully report on the losses, to also acknowledge the current profitability.
"If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one," he said.
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