In a recent post, Nayib Bukele, the pro-Bitcoin president of El Salvador, revealed that the country’s investments in Bitcoin are now in substantial gains after years of wallowing in losses.
This profit declaration comes amid Bitcoin’s recent surge above $42k. President Bukele noted that, with the current market price of Bitcoin, if El Salvador were to sell its Bitcoin holdings, it would recover 100% of its investment and generate a profit of over $3.6 million. This figure has since increased to $4.2 million.
Despite this newfound financial success, Bukele proclaimed that El Salvador had no intention of selling its Bitcoin. He reiterated the country’s commitment to a long-term strategy in their Bitcoin involvement.
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
El Salvador in $4.2M Profit After Years of Holding at Loss
Per information on Nayibtracker, a portal dedicated to tracking the investment activities of the El Salvador president, the country holds 3,144 Bitcoin tokens. The country expended $127,268,514 to acquire this BTC portfolio. Also, the portal noted that the average purchase of the BTC, which the country acquired over two years, is $40,479.81.
However, after almost two years of holding at losses, the Bitcoin investments are now worth $131,392,743, translating to a profit of $4,124,228 at the time of reporting.
Furthermore, the information on the tracking portal indicated that the president had orchestrated at least 12 Bitcoin purchases since September 2021. Of the 12 rounds of the buying spree, nine are in negative returns, with the most recent three being the only profitable trades at the time of writing.
El Salvador’s worst Bitcoin investment move was in October 2021, when Bitcoin traded above $60,345. This round of purchase alone wields a loss exceeding $7.79 million.
Call to Retract Negative Reports
Meanwhile, given the exciting turn of events, Bukele turned attention to the numerous articles and hit pieces that had previously ridiculed El Salvador’s Bitcoin losses.
President Bukele called for those who had criticized El Salvador’s Bitcoin endeavors to retract their statements. He urged them to offer apologies or, at the very least, acknowledge the country’s current profitability.
He argued that responsible journalism requires the acknowledgment of the new reality with the same intensity applied to the previous negative narrative. Essentially, Bukele challenged those who consider themselves true journalists to report the updated situation accurately and fairly.