Coin Edition -
- El Salvador’s Bitcoin investments, previously under scrutiny, have turned profitable.
- President Bukele reveals that if El Salvador sells its Bitcoin now, it would make a profit of $3,620,277.13.
- He challenges previous critics to reconsider their positions and calls for retractions, apologies, or acknowledgments.
El Salvador’s President Nayib Bukele took to X (formerly Twitter) to announce that the country’s much-debated Bitcoin (BTC) investments are now in the black. The post shows that the country’s Bitcoin investments defy the predictions of numerous critics and naysayers.
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…With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb— Nayib Bukele (@nayibbukele) December 4, 2023
For months, El Salvador faced a barrage of negative publicity, with various articles and opinion pieces on international media and publications questioning the wisdom of the nation’s move into Bitcoin. Critics often cited losses, basing their calculations on Bitcoin’s market price at the time of their assessments.
However, President Bukele’s recent post asserts a different narrative. According to him, if El Salvador were to sell its Bitcoin holdings at the current market price, the country would recover 100% of its initial investment and turn a profit of $3,620,277.13.
Despite this newfound financial success, Bukele clarifies that El Salvador has yet to make plans to cash in on its Bitcoin. The primary objective, he emphasizes, has never been about short-term gains but rather a long-term strategy that extends beyond the current fluctuations in Bitcoin’s value.
Acknowledging the volatility inherent in cryptocurrency markets, Bukele remains steadfast in the government’s commitment to its unconventional financial approach.
However, he urges those who previously criticized El Salvador’s Bitcoin ventures to reassess their stance. The President calls for retractions, apologies, or, at the very least, a recognition of the nation’s current profitable position.
In a bold challenge to journalists, Bukele insists that if they consider themselves true professionals, they should report this positive development with the same enthusiasm and intensity they used to report the supposed losses.The post was a follow-up to Bitcoin’s recent rally above $42,000.
According to the current market price of BTC and updated data from Nayib Tracker, El Salvador’s current holdings are down by 1.73% in value, with a $2 million loss. The current holdings stand at $115,212,499 as the price of Bitcoin dropped below $42,000 to trade at $41,682.
The post El Salvador’s Bold Bitcoin Move Pays Off Big Time, Says Bukele appeared first on Coin Edition.