El Salvador's president affirms long-term Bitcoin strategy is successful

2023-12-04 14:55:43

El Salvador’s president Nayib Bukele announces a complete recovery of the country’s Bitcoin investment, yielding a $3.62 million profit.

After facing criticism over supposed losses, President Nayib Bukele took to X to announce that El Salvador’s Bitcoin (BTC) investment has recovered 100% of its initial investment and generated a profit of $3.62 million at the asset’s current market price

President Bukele showed that the country’s portfolio currently sits at $130.8 million, an all-time increase of 2.84%, with profit realization based on the current Bitcoin market price. The president emphasized that selling Bitcoin is not the objective, as El Salvador remains committed to its long-term strategy

Bukele confirms that despite this success, the country has no plans to sell its Bitcoin holdings.

While acknowledging the cryptocurrency’s price fluctuations, the president called on critics to retract their statements, issue apologies, or recognize the country’s newfound profitability

Bukele concluded his post by challenging actual journalists to report this new reality, inviting them to stay tuned for updates on El Salvador’s Bitcoin journey.

The news comes just shy of two months later than an earlier report that revealed that El Salvador was on the verge of launching its inaugural Bitcoin mining pool through a partnership between Volcano Energy and Luxor Technologies

The initiative was said to decentralize mining and leverage renewable energy as part of the country’s larger demonstration to become a major crypto hub.

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