El Salvador’s investment in Bitcoin (BTC) has fully paid off, with unrealized profits of more than $3 million, reports RBC Crypto.
According to him, El Salvador has no plans to sell digital assets and is going to stick to a “long-term strategy.”
In September 2021, El Salvador declared Bitcoin as a means of payment and began purchasing cryptocurrency. Despite the significant depreciation of Bitcoin, the authorities of the South American country continued to adhere to their strategy. In mid-November 2022, the President of El Salvador announced that the country would begin buying one Bitcoin every day.
The President of El Salvador, Nayib Bukele, has been betting on Bitcoin for a long time and is actively promoting this cryptocurrency. Despite the fact that most of the country’s population considers the government’s decision to invest in cryptocurrency unsuccessful, El Salvador, following Bukele’s decision, is constantly purchasing additional bitcoins. The country currently owns 3,144 Bitcoin coins, with a market value of approximately $130 million.
The New York Times, The Washington Post and El Pais have repeatedly criticized the policies of the Salvadoran authorities and talked about the country’s likely bankruptcy due to difficulties in repaying $800 million in external debt caused by losses from investments in Bitcoin. Bukele denies the information in these articles and accuses the publications of lying.
Source: Cryptocurrency
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