El Salvador, the first country to adopt Bitcoin, is seeing the value of its BTC wallet return to positive territory after the recent market rally. Nayib Bukele was delighted with this performance and announces that, given the current Bitcoin price, the country is in profit of over 3.6 million dollars.
Nayib Bukele welcomes the rise of Bitcoin
Salvador, the first country in the world to make Bitcoin legal tender on its territory, has just seen its BTC portfolio move back into the green following the recent rise in the cryptocurrency market.
Indeed, after breaking through the resistance of $38,800, Bitcoin seems unstoppable: it even surpassed $42,000 today.
Nayib Bukele, who resigned as President of El Salvador on November 30 in order to prepare for re-election, issued a statement on X to share the news.
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
“El Salvador’s Bitcoin investments are positive! After thousands of articles and news reports ridiculing our supposed losses, all calculated based on the Bitcoin price at the time… With the current Bitcoin price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but we would also make a profit of $3,620,277.13 (to date). “
Nayib Bukele also made it clear that he was fully aware that the Bitcoin price would fluctuate, and that El Salvador’s aim was absolutely not to sell part of his portfolio. What’s more, the former president made it clear that this had never been their objective.
Bukele insisted that, in his opinion, the journalists should retract, apologize or at least acknowledge that El Salvador is making a profit from its investment in Bitcoin. And this, since the latter had not hesitated to publish articles reporting the country’s “losses” (although El Salvador had not sold any BTC).
El Salvador is a DCA regular
During Nayib Bukele’s first term in office, El Salvador acquired Bitcoin on several occasions starting in September 2021, when the BTC price was hovering around $51,000.
The Central American country began a Dollar Cost Averaging (DCA) strategy on November 18, 2022, the day after the president announced that one Bitcoin would be purchased daily from that date.
According to Nayib Bukele’s publication, the value of El Salvador’s Bitcoin portfolio exceeded $130 million at the time of the snapshot.
Beyond investing in Bitcoin, El Salvador intends to pull out all the stops to get its population more interested in digital gold. Last October, for example, the country launched a BTC education program aimed at the country’s teachers and, by extension, its students.
