As of December 4th Post By Salvadoran President Nayib Bukele, the country’s cumulative bitcoin (B T c) The investment currently amounts to $131 million with a net profit of $3.6 million with a gross margin of 2.84%.
“Of course, we have no intention of selling; “This has never been our intention,” Bukele said. “We are fully aware that price fluctuations will continue in the future; This will not affect our long-term strategy.”
of El Salvador #bitcoin Investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our perceived loss, all of them were calculated based on #bitcoinMarket price at that time…
with current #bitcoin Market value, if we had to sell… pic.twitter.com/gvl2GfQMfb
– Nayib Bukele (@nayibbukele) 4 December 2023
On 1 December, Bukele resigned As President of El Salvador, he was granted permission to take a leave of absence to focus on his 2024 re-election campaign, following approval from the country’s Legislative Assembly. During Bukele’s first term as president, the Central American country purchased BTC through its national treasury with an initial investment of $10.3 million from September 2021. However, the price of Bitcoin soon fell by more than 50% amid a bear market.
Despite this, Bukele continued to dollar-cost-average the country’s Bitcoin investments frequent purchases throughout 2022. At one point, the country’s Bitcoin portfolio had fallen to $45 million below book value. $103.9 million,
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. The International Monetary Fund has since warned that Bitcoin’s risks to El Salvador have “not panned out.” Limited adoption in the country, Last December, Cointelegraph reporter Joe Hall traveled to El Salvador and attempted to pay for everyday services using Bitcoin. disappointing results, By next year, El Salvador plans to introduce Bitcoin education in government schools.
Connected: Salvadoran pro-Bitcoin President Nayib Bukele launches re-election bid
