El Salvador’s President Nayib Bukele applauded all opponents who questioned his country’s decision to buy Bitcoin, the world’s largest cryptocurrency by market capitalization.
Bukele told X that his country’s controversial investment in Bitcoin is now paying off. “Bitcoin in El Salvador “Investment is in surplus” Posted on Monday“At the current Bitcoin market price, if we sell our Bitcoin, we will not only recover 100% of our investment but also make a profit.”
The small Latin American nation of El Salvador made Bitcoin a fiat currency alongside the US dollar in September 2021. After that, El Salvador also began purchasing Bitcoin periodically. Although the amount of Bitcoin accumulated is relatively small, the country’s portfolio is worth approximately $131 million. Bukele’s post — The fact that sovereign nations are purchasing cryptocurrencies is significant, as many countries still view it with a lot of skepticism.
Bukele said in his post that the recent rise in Bitcoin prices has boosted the price in El Salvador by about $3.6 million.
He added, “We have no intention of selling.” “That has never been our goal. We are fully aware that prices will continue to fluctuate in the future and this does not affect our long-term strategy.”
bitcoin BTC
+5.69%
After falling below $17,000 at the end of 2022, it is currently trading above $41,000.
the president counterattacks
Bukele also seemed eager to score a victory considering his past criticism of his move to use government funds to buy bitcoin for his country.
“It is important that the opponents and authors of the hit piece retract their statements,” he said. “The responsible thing to do would be for them to issue a retraction, issue an apology, or at least acknowledge that El Salvador is now making profits.”
At one point, the value of El Salvador’s portfolio fell dramatically as the price of Bitcoin fell during the start of the cryptocurrency winter, leading some to question the wisdom of Bukele’s financial strategy.
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