El Salvador’s Bitcoin Investment Showing Profit, President Says
El Salvador’s decision to invest in Bitcoin is proving to be a lucrative one, as President Nayib Bukele announced that the country is in the black with its investment. Bukele claimed that not only has El Salvador recouped its initial investment in Bitcoin, but it could potentially earn millions if the country decides to sell.
According to Nayibtracker.com, which tracks the country’s Bitcoin purchases based on Bukele’s tweets, El Salvador would walk away with roughly $4 million in profit as of publication. This development comes as the price of Bitcoin (BTC) sits around $41,000 at the time of publication, after hitting $42,000 on Monday morning.
El Salvador’s foray into Bitcoin began back in September 2021 when the country made headlines by becoming the first to adopt Bitcoin as legal tender. Bukele and El Salvador first started adding to their Bitcoin position with a purchase of 200 Bitcoin, and have since continued to increase their holdings.
Despite the success of the investment, Bukele stated that the country has no intention of selling its Bitcoin holdings, emphasizing a long-term strategy. However, El Salvador’s Bitcoin adoption has attracted widespread criticism, with US politicians on Capitol Hill pushing for an analysis into the risks posed by the country’s Bitcoin adoption.
The historic decision to adopt Bitcoin as legal tender and the subsequent investment in the cryptocurrency by El Salvador has been the subject of international attention and debate. The country’s success with its Bitcoin investment could have far-reaching implications for the future of cryptocurrencies and their adoption by nations.
As the price of Bitcoin continues to fluctuate, the success of El Salvador’s investment in Bitcoin remains to be seen. However, the country’s decision to embrace cryptocurrencies has certainly sparked a global conversation about the role of digital currencies in the modern economy.
