Key takeaways:
- El Salvador’s President Nayib Bukele announces a complete recovery of the country’s Bitcoin investment.
- This announcement comes with a notable $3.62 million profit.
In a significant turn of events, El Salvador’s President Nayib Bukele announced on Monday that the country’s controversial Bitcoin investments are now in the green. This declaration followed Bitcoin’s surge above $40,000, marking its highest value in over a year.
President Bukele took to social media to share the positive news, stating, “El Salvador’s bitcoin investments are in the black.”
He highlighted the current market price of Bitcoin, emphasizing that not only would the country recover 100% of its initial investment by selling its Bitcoin holdings, but it would also generate a profit.
According to Bukele, El Salvador’s Bitcoin portfolio has seen a profit of $3.6 million. Despite media skepticism and criticism of the country’s Bitcoin strategy, Bukele expressed confidence in the long-term success of their approach. He took a swipe at previous reports that ridiculed supposed losses, stating,
“We have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy.“
Bukele revealed that the last recorded Bitcoin purchase on the official website was in November 2022 when he announced the country’s plan to buy one Bitcoin per day. This strategy, known as dollar-cost averaging, was intended to mitigate the impact of price fluctuations.
Despite holding a substantial amount of Bitcoin, currently valued at $130,888,791, Bukele reiterated the country’s commitment to its long-term investment strategy.
El Salvador’s Bitcoin portfolio experienced a dip at one point, falling to $45 million from a book value of $103.9 million. However, Bukele’s steadfast approach to dollar-cost averaging and the recent surge in Bitcoin prices have now positioned El Salvador’s Bitcoin investments as a profitable venture.
President Bukele revealed that the nation’s portfolio has reached an unprecedented $130.8 million, marking a remarkable 2.84% increase, with profits calculated at the current Bitcoin market value. The president underscored that the primary goal is not to sell Bitcoin, emphasizing El Salvador’s unwavering dedication to its enduring strategic vision.
The President’s announcement underscores the resilience of the country’s commitment to embracing cryptocurrencies despite initial challenges and skepticism.
