In a surprising turn of events, President Nayib Bukele of El Salvador has announced that the country’s foray into Bitcoin has been a resounding success.
This revelation contradicts earlier reports that painted a less optimistic picture, primarily based on Bitcoin’s market valuation at the time.
Bukele, taking to social media, shared that with the current market price of Bitcoin, El Salvador not only stands to recover its entire initial investment but could also realize a significant profit of $3,620,277.13 USD if the cryptocurrency were to be sold at the present moment. The president emphasized the positive impact of this development on the country’s financial standing.
“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),” President Bukele affirmed.
It’s important to note that despite the newfound profitability, the government has no immediate plans to sell its Bitcoin holdings. Bukele clarified that this decision aligns with El Salvador’s long-term strategy, acknowledging the inherent volatility in Bitcoin’s value.
“Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, but this doesn’t affect our long-term strategy,” stated Bukele.
The president took a firm stance against earlier critics and doubters of El Salvador’s Bitcoin adoption, calling upon them to retract their statements. He urged responsible reporting, challenging journalists to approach the current reality with the same intensity they used when reporting the previous narrative of supposed losses.
This revelation marks a pivotal moment in the ongoing discourse surrounding El Salvador’s adoption of Bitcoin, challenging skeptics and underscoring the potential benefits of the country’s strategic financial decisions. President Bukele’s declaration aims to shift the narrative and emphasize the success of El Salvador’s unconventional move into the world of cryptocurrency.
