El Salvador’s President Reaffirms His Determination to Hold Bitcoin Holdings Despite Profits

Due to the recent surge in the price of Bitcoin, El Salvador’s investment has been lucrative to the tune of more than $3 million.

El Salvador’s president, Nayib Bukele, made the announcement on Monday that the country’s massive Bitcoin (BTC) investment had turned a profit of more than $3 million. The recent spike in the price of bitcoin to an 18-month high of $42,000 is the backdrop to this move. The government will not be selling its Bitcoin assets, the leader said.

In a Monday X post, El Salvador’s president Nayib Bukele claimed that the country’s investment in Bitcoin is now beneficial because of the cryptocurrency’s recent climb, which put it past the $42,000 level. His tweet asserts that El Salvador stands to gain over $3 million from the sale of its Bitcoin holdings.

“At the present time, our investment in Bitcoin would be fully recouped, and we would even make a profit of $3,620,277.13 USD if we were to sell them at the current market price.”

According to Bukele, El Salvador won’t be selling its Bitcoin assets, and the first cryptocurrency’s short-term volatility won’t have an impact on the nation’s long-term objectives.

This is a major turnaround for El Salvador, which, as per CoinDesk’s estimates three weeks ago, was sitting on a deficit of almost $16 million.

Thanks to the daring efforts of its president, Bukele, El Salvador became the first nation in 2021 to recognize Bitcoin as legal money. The Central American nation under Bukele’s leadership has made significant investments in Bitcoin as part of its efforts to use technology for financial inclusion and economic growth. Despite facing domestic and international criticism, Bukele has been a steadfast supporter of the cryptocurrency.

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