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El Salvador President Nayib Bukele’s bet on Bitcoin is looking good, with the nation’s investment soaring past $159 million and profits reaching almost $54 million.
El Salvador’s president announced in mid-November 2022 that the country’s government would purchase one BTC daily. It has since accumulated about 2,380 BTC at an average price of $44,300 that are worth about $159 million with BTC trading at $66,973 as of 10.57 a.m. EST.
Still waiting… https://t.co/FkKs2rRP1Q pic.twitter.com/X6UyAsoTIz
— Nayib Bukele (@nayibbukele) March 4, 2024
El Salvador President Hits Back At Critics
Bukele initially faced a backlash for his decision, but hit back hard last month after the king of cryptos surged.
“They wrote thousands of articles about our supposed losses,” when the crypto’s price was low, he tweeted.
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
Bukele has said the nation has no intention of selling its BTC. The experts, analysts and journalists who wrote “hit pieces” criticizing the decision to purchase BTC are “totally silent now,” he said.
Bukele was recently re-elected for another five-year term as El Salvador’s president.
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