- El Salvador’s Bitcoin investments cover initial funds and yield a remarkable profit.
- President Bukele stands firm, asserting no intention to sell Bitcoin holdings.
- Global crypto market sees a surge as Bitcoin breaks $40,000, hitting $41,900.
President Nayib Bukele claims that El Salvador’s audacious choice to make Bitcoin its official currency has turned out to be a profitable one, in an unexpected turn of events. Bukele triumphantly declared on Twitter that the nation’s Bitcoin investments are not only paying for their original outlay but are also yielding significant returns.
The president said that the strong profits had quellened media criticism over El Salvador’s acceptance of Bitcoin. Since Bitcoin is now trading at a favorable price, Bukele disclosed that the nation would earn $3,620,277.13 in addition to recovering 100% of its investment if it were to sell all of its Bitcoin holdings.
Max Keiser, a well-known early supporter and investor in Bitcoin, has joined El Salvador as a senior advisor to Bukele, strengthening the nation’s stance on the digital currency.
El Salvador’s #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
— Nayib Bukele (@nayibbukele) December 4, 2023
El Salvador’s unorthodox economic approach has proven successful, as Bukele said, “El Salvador’s #Bitcoin investments are in the black!” He recalled the hundreds of articles that had previously mocked the government’s choice to turn its economic focus to Bitcoin three years prior, adding that given its present success, the detractors ought to withdraw their criticisms and provide an apology.
Bukele made it clear that El Salvador is steadfastly committed to their long-term plan and that they have no plans to liquidate their Bitcoin holdings. Even though he was aware of the inherent instability of bitcoin markets, he continued to have faith in their sound and long-lasting choice.
Assailing the critics, Bukele said, “The naysayers and the authors of those hit pieces should 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.”
In a stunning turn of events, Bitcoin broke through the $40,000 barrier and hit $41,900 for the first time since April of last year. The success story of El Salvador adds a fascinating chapter to the current international discussion about the place of cryptocurrencies in national economies.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.