Last updated on May 18th, 2024 at 12:55 pm
President of El Salvador, Nayib Bukele has disclosed that the country has recorded massive returns from its Bitcoin investment. He made this known in a recent tweet where he claimed that the returns on investment the country made have surpassed all the negative expectations of naysayers.
In a recent development, President Bukele took to his X (formerly Twitter) to share an update on his country’s crypto investment. Recall that in 2021, El Salvador became the first country to adopt Bitcoin as legal tender.
However, the President came under serious backlash from the media stating that it was not a good move. Today, he has shared an update on the current value of the country’s Bitcoin portfolio.
According to President Bukele, the profit realized from the investment has made all the critics fall silent. If El Salvador sells all of its Bitcoin today, it will not only be able to recover all of the money it put in the cryptocurrency, but it will also profit by a few million dollars. Bukele, though, asserts that they do not plan to sell.
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Earlier this year, ‘Crypto Willy Wonka’ Max Keiser moved to El Salvador to assume the position of Senior Bitcoin Advisor to the president.
President Bukele urges naysayers to apologize
In a comprehensive tweet earlier today, the president proudly stated that “El Salvador’s Bitcoin investments are in the black” (economically profitable).
He went on to reveal that if the country were to sell all its Bitcoin holdings at the moment, it would not only recover 100% of its investment, but it would also make a profit of exactly $3,620,277.13.
He went on to remind the crypto community that his government is aware that the price of Bitcoin is highly volatile, but they would not sell now and the fluctuations won’t affect its long-term strategy.
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
Therefore, he urged naysayers to apologize and take back their statements.
“Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses,” he said.
Finally, he urged journalists to report this development the same way they reported the losses the country incurred during the last bear market.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.