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Nayib Bukele, president of El Salvador, announced Monday that the nation’s large-scale investment in Bitcoin (BTC) was now profitable by over $3 million. The move comes amid the latest BTC price surge to an 18-month high of $42,000. The leader also announced that the government has no intention to sell its Bitcoin holdings.
El Salvador Will Not Sell its Bitcoin, Reiterates Long-Term Focus
El Salvador’s president Nayib Bukele said in an X post on Monday that the country’s Bitcoin investment is now profitable due to the latest rally that took the cryptocurrency above the $42,000 mark. According to his tweet, selling its BTC holding would net El Salvador more than $3 million in profit.
“With the current #Bitcoin market price, if we were to sell our #Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 USD (as of this moment).”
– Bukele wrote in his tweet.
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
However, Bukele emphasized that El Salvador has no intention of selling its BTC holdings and reiterated possible fluctuations in the maiden cryptocurrency will not affect its long-term plans. This marks a significant turn of events for El Salvador, which was sitting on a loss of roughly $16 million three weeks ago, according to CoinDesk’s calculations. El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender, a bold move championed by its Bukele. Despite facing domestic and international scrutiny, the Central American nation led by Bukele has remained a staunch supporter of Bitcoin, actively investing in the cryptocurrency as part of its efforts to leverage technology for financial inclusion and economic development.
Bitcoin Hits 18-Month High
El Salvador’s reaching profitability on its Bitcoin came on the back of the latest rally in the world’s biggest cryptocurrency. Notably, BTC briefly crossed the $42,000 threshold on Monday before retreating back to around $41,500. This was the first time Bitcoin touched that mark since April 2022. The recent surge in Bitcoin prices is fueled by optimism surrounding the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) by January 10. If approved, it would mark the first such ETF in the US, with experts anticipating a favorable decision this time. Additionally, cryptocurrencies and other risk assets have attracted investors’ interest amid growing expectations that the Federal Reserve has concluded its rate-hiking cycle, with some predicting potential cutting rates in the coming year. More By This Author:BTC Is Up 19% Over 30 Days, How Far Can It Go In 2024?
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