El Salvador’s Bitcoin Investment Proves Profitable, Challenges Critics

Bits Logics Team . 04th Dec 2023

• El Salvador’s BTC investment triumphs, proving critics wrong with a potential profit of $3.6M.
• El Salvador recovered 100% of its initial investment but also witnessed a substantial profit of $3,620,277.13.
•  BTC is currently priced at $41,850.77 after experiencing a 5.74% surge in one day.

El Salvador’s bold venture into Bitcoin seems to have proved to be not just a successful endeavor but a highly lucrative one. President of El Salvador Nayib Bukele took to Twitter to share the news, challenging the narrative perpetuated by numerous past articles that previously criticized the country’s supposed losses.

President Bukele’s tweet highlighted the miscalculations made by those who based their assessments on Bitcoin’s market price at the time. With the current market price, El Salvador would not only recover 100% of its initial investment but also witness a substantial profit of $3,620,277.13.

However, the president emphasized that the government has no intention of selling its Bitcoin holdings, reiterating their steadfast commitment to a long-term strategy. Understanding the inherent volatility of the cryptocurrency market, El Salvador remains resolute in its approach.

President Bukele called on the detractors, or “naysayers,” who previously contributed to hit pieces on El Salvador’s Bitcoin adoption, to rectify their statements. 

He urged them to issue retractions, extend apologies, or, at the very least, acknowledge the current profitability of the investment. The President highlighted the importance of responsible journalism, requesting that reporters treat this new reality with the same vigor with which they reported the supposed losses.

As El Salvador stands on the brink of a notable financial success with its Bitcoin holdings, this development adds a new dimension to the ongoing global discourse on cryptocurrency adoption by governments. It also underscores the necessity for accurate and responsible reporting in the ever-evolving landscape of digital currencies.
At the time of reporting, BTC is currently priced at $41,850.77 after experiencing a 5.74% surge in one day. Meanwhile, the BTC finally crossed the $40K threshold after maintaining a double-digit 13.56% in seven days. Bitcoin is also experiencing a surge of 104.83% in trading volume, making it valued at $33,653,334,130.