El Salvador’s President, Nayib Bukele, announced that the country’s Bitcoin investment is now profitable as the asset surpassed $42,000 for the first time in almost two years. El Salvador began acquiring BTC in September 2021, and its current holdings are valued at over $130 million.
Bukele revealed that the Bitcoin portfolio has a net profit of $3.6 million following the recent surge to over $43,000. Despite the volatile market, El Salvador intends to maintain its long-term strategy and has no plans to sell. Bukele addressed critics, emphasizing the country’s gains and calling for retractions from those who reported losses.
The move to adopt Bitcoin as legal tender has faced opposition from entities like the IMF and U.S. senators. Despite this, Bukele remains firm in his support for the cryptocurrency.
El Salvador, the first country to make Bitcoin legal tender, has earned a profit on its crypto investment.
The country bought BTC in September 2021 and now holds over $130 million worth of the asset. El Salvador faced criticism and opposition from global organizations and governments for its Bitcoin decision, but Bukele defended his country and challenged the critics to acknowledge the country’s profit.
El Salvador’s Bitcoin bet has paid off and could inspire other countries to adopt crypto.
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