Bitcoin Triumph: El Salvador’s Profitable Gamble Defies Critics

El Salvador’s President, Nayib Bukele, proudly announced substantial profits from the country’s Bitcoin investment, defying earlier criticism. In a recent X (formerly Twitter) post, Bukele shared a promising update on El Salvador’s crypto venture, solidifying its position as a trailblazer in cryptocurrency adoption.

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

In 2021, El Salvador faced significant backlash for becoming the first nation to recognize Bitcoin as legal tender. The move was met with skepticism from various quarters. However, President Bukele has revealed that the country’s Bitcoin portfolio returns have exceeded negative expectations.

Bukele highlighted that the profits from the investment have not only covered the initial cryptocurrency expenditure but would also yield a few million dollars in profit if El Salvador were to sell all its Bitcoin holdings today. Importantly, he clarified that selling was not on the immediate agenda, reinforcing the government’s commitment to a long-term strategy.

The appointment of ‘Crypto Willy Wonka’ Max Keiser as Senior Bitcoin Advisor earlier this year signaled El Salvador’s seriousness about its crypto endeavors. In a recent tweet, President Bukele declared that El Salvador’s Bitcoin investments are economically profitable, starkly contrasting initial doubts.

Bukele: El Salvador’s Bitcoin Success Defies Doubts

Bukele said selling all Bitcoin holdings now would result in a 100% investment recovery, accompanied by a significant profit of $3,620,277.13. Despite acknowledging the volatility of Bitcoin prices, the President assured that these short-term fluctuations wouldn’t impact the country. He emphasized its steadfast commitment to its cryptocurrency strategy.

Bukele urges naysayers to retract, apologize, or acknowledge El Salvador’s profitability. He stressed the responsibility of accurate reporting and urged journalists to present this positive development with the energy previously devoted to covering the country’s losses during the last bear market.

President Bukele’s disclosure paints a positive picture of El Salvador’s foray into cryptocurrency. It challenges earlier skepticism and establishes the country as a noteworthy player in the evolving landscape of digital assets.

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