According to December 4 post According to Salvadoran President Nayib Bukele, El Salvador’s cumulative Bitcoin (BTC) investment currently stands at $131 million, with a net profit of $3.6 million, or a gross profit of 2.84%.
“Of course we have no intention of selling. That was never our goal,” Bukele said. “We are fully aware that prices will continue to fluctuate in the future. “This does not affect our long-term strategy.”
El Salvador #Bitcoin Investment is profitable!
After literally thousands of articles and hits mocking our expected losses, all calculated based on: #BitcoinThe price at the time was…
with the present #Bitcoin Market price, if we sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
On December 1, Bukele resigned as El Salvador’s president with the approval of the Salvadoran legislature, allowing him to take a leave of absence to focus on his 2024 re-election campaign. During President Bukele’s first term, the Central American country has been purchasing BTC through its treasury since September 2021, with an initial investment of $10.3 million. However, during the bear market, the price of Bitcoin soon plummeted by more than 50%.
Nonetheless, Bukele continued to average the country’s Bitcoin investments at dollar cost, making repeated purchases throughout 2022. At one point, the country’s Bitcoin portfolio fell from a book value of $103.9 million to $45 million.
In 2021, El Salvador became the first country to adopt Bitcoin as fiat currency. The International Monetary Fund (IMF) later warned that Bitcoin’s risks were “unrealized” due to El Salvador’s limited Bitcoin adoption. Last December, Cointelegraph reporter Joe Hall visited El Salvador and attempted to use Bitcoin to pay for everyday services, with disappointing results. El Salvador plans to introduce Bitcoin education in public schools by next year.
Related: Salvador’s Bitcoin-endorsing President Nayib Bukele Launches Re-election Run