Nayib Bukele stressed that the country does not intend to sell its bitcoin reserves. He also called on critics of the decision to invest in Bitcoin to take back their words:
“After thousands and thousands of articles ridiculing our supposed losses, which they calculated based on the market price of Bitcoin. If we sell our bitcoins now, we will not only return 100% of the invested funds, but also make a profit of $3.62 million. But we are not going to sell. Of course, we are aware of possible volatility, but this does not affect our long-term strategy. But it is also important that critics and authors take back their words and apologize, or at least admit that we made a profit,” the President of El Salvador emphasized.
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
The authorities of El Salvador began purchasing BTC back in September 2021, initially investing $10.3 million. However, the timing was not very successful – the rate of the first cryptocurrency has fallen by 50% since then. At the same time, the country’s authorities continued the gradual purchase of bitcoins, which made it possible to reduce the average price of the coin. And now, after the recent rise in the BTC rate, El Salvador’s investments have turned out to be profitable. In addition, El Salvador became the first country to accept Bitcoin as legal tender.
Source: Bits
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