President of El Salvador Nayib Bukele has recently revealed that the country’s investment in Bitcoin is currently in profit. This is coming after the crypto asset hit a new all-time high of $41,000 this year.
Bukele further disclosed that with the current Bitcoin market price, if the country is to sell its Bitcoin investments, it would not only recover 100% of its investment but also make a profit of $ 3,620 277.13 USD. He however noted that there is no intention to resell, as it has never been the objective.
Speaking on this, he wrote on X,
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“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 our Bitcoin we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, 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”.
The El Saldvador president also took a swipe at Naysayers whom according to him mocked him when the country’s Bitcoin investments were all in losses. He noted that the responsible thing for them to do, with the counrty’s recent profits, is to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit.
He wrote,
“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.
“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!”.
Several users on X, have lauded his move to make Bitcoin as a legal tender in El Salvador, stating that he has turned the country around and made the country the beacon that would eventually lead others countries to adopt Bitcoin.
Recall that on September 7th 2021, Bitcoin officially became legal tender in El Salvador, after the Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.
In October 2022, the use of bitcoin in El Salvador appeared to be on a low, after the currency lost about 60% of its value, since the experiment started amidst the country facing plummeting economic growth and a high deficit.
El Salvador’s debt-to-GDP ratio, a key metric used to compare what a country owes with what it generates was reported to hit nearly 87% in the same year, stoking fears that the nation isn’t equipped to settle its loan obligations.
Also, data from Bloomberg Economics revealed that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default.
Even as it retires some of its Outstanding debts, the country’s domestic and multilateral loan obligations was said to have posed a real threat, because the world’s biggest lenders were not wiling to give cash to a country betting its future on one of the most volatile assets on the planet (Bitcoin).
With El Salvador’s Bitcoin investment currently paying off, there are speculations that several countries might be considering making significant investments in Bitcoin, as the cryptocurrency has been predicted to continue on a bullish trend.