Nayib Bukele, the pro-Bitcoin president of El Salvador, lashed out at critics amid Bitcoin’s move to crack 2021 highs, putting the country’s BTC portfolio at an unprecedented profit level.
In a scathing tweet, Bukele called out media pundits who previously scrutinized El Salvador’s bold Bitcoin adoption. He remarked that these critics were on top of their game a few months back while Bitcoin traded low.
In particular, he observed their vocal skepticism during Bitcoin’s downturn, in which they criticized the country’s decision as it navigated through unrealized losses in its investments.
“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” Bukele declared.
When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.
Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…
— Nayib Bukele (@nayibbukele) February 28, 2024
However, in a remarkable turn of events, El Salvador’s Bitcoin investment now sees staggering profit profiles.
New-found Silence
Nayib Bukele took to social media to highlight the conspicuous silence of these critics and media pundits. He remarked on their apparent loss of voice in light of the newfound success of El Salvador’s Bitcoin strategy, saying:
“It’s very telling that the authors of those hit pieces […] are totally silent now.”
Furthermore, Bukele emphasized that should the country intend to liquidate its Bitcoin holdings, it would net an impressive 40% return on investment. However, he emphasized the country’s resilience and commitment to Bitcoin by asserting no plans for sale.
This sentiment aligns with MicroStrategy chairman’s remarks Michael Saylor, who confirmed that the company would continue to buy Bitcoin forever without any sales despite seeing over $6 billion in profit.
Nayib Bukele stressed that the intrinsic value of Bitcoin remains the same regardless of its market fluctuations.
“We won’t sell, of course. In the end, 1 BTC = 1 BTC: this was true when the market price was low, and it’s true now,” Bukele remarked.
Essentially, Bukele emphasized that the criticisms leveled against El Salvador regarding its Bitcoin investment were undeserved.
El Salvador Nets $57M Bitcoin Profit
Per data from a tracking portal, El Salvador holds 2,849 Bitcoin tokens. Over the past three years, it has amassed this Bitcoin portfolio with approximately $121.1 million at an average price of $42,504 per BTC.
Since Bitcoin trades above $62,534 at press time, El Salvador’s BTC portfolio amounts to $178,160,092. This figure translates to an unrealized profit of $57,064,172, reflecting a 47% gain.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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