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- El Salvador President Nayib Bukele is responding to all critics questioning his country’s decision to adopt Bitcoin.
- Since declaring Bitcoin as legal tender alongside the American dollar in September 2021, this small Latin American country has been regularly buying Bitcoin.
- Bitcoin is currently trading above $41,000 after dropping below $17,000 towards the end of 2022. The current BTC price is $41,300.
El Salvador President Nayib Bukele responded to those who made fun of his country’s adoption of Bitcoin and investment strategies.
Bukele Explained El Salvador’s Bitcoin Strategy
El Salvador President Nayib Bukele is responding to all critics questioning his country’s decision to adopt Bitcoin and mocking its investment strategies. He mentioned that the once-controversial Bitcoin gamble of his country is now paying off.
Bukele turned to Twitter on Monday to announce that El Salvador’s Bitcoin investments are profitable. In his message, he stated, “El Salvador’s Bitcoin investments are profitable,” and added, “With the current Bitcoin market price, if we were to sell our Bitcoins, we wouldn’t just recover our investment by 100%, but we would also make a profit.”
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Since declaring Bitcoin as legal tender alongside the American dollar in September 2021, this small Latin American country has been regularly buying Bitcoin. According to Bukele, even though the country’s portfolio is valued at approximately $131 million, it’s noteworthy that a nation-state is still buying a cryptocurrency that many countries view with skepticism.
In the shared message, Bukele mentioned that El Salvador has made approximately $3.6 million in profit with the recent increase in Bitcoin’s price. He emphasized, “We have no intention of selling. It never was our goal. We are fully aware that the price will continue to fluctuate in the future, and it doesn’t affect our long-term strategy.”
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Bitcoin is currently trading above $41,000 after dropping below $17,000 towards the end of 2022. The current BTC price is $41,300.
“They should retract their criticisms.”
Bukele stated, “It is important for them to retract their previous criticisms and for the authors of these critical articles to now make statements,” and added, “They should act responsibly, either apologize or at least acknowledge that El Salvador is now making a profit.”
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At one point, during the beginning of the crypto winter when the value of Bitcoin was falling, the value of El Salvador’s portfolio dramatically dropped, raising questions about the wisdom of Bukele’s financial strategy.
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