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El Salvador’s Bitcoin Portfolio Now Profitable, Says President Nayib Bukele

El Salvador’s Bitcoin investments, championed by President Nayib Bukele, have experienced a noteworthy upswing of 2.84%, translating into a profit of $3.6 million.

Bukele, a prominent figure in Salvadoran politics seeking re-election, stepped down from the presidency to focus on his campaign. Despite criticism and challenges, the government remains committed to its long-term strategy, with Bukele emphasising that there are no plans to divest the country’s Bitcoin holdings.

Bukele stated, “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; this doesn’t affect our long-term strategy.”

El Salvador initiated its Bitcoin acquisitions in September 2021, and as of now, holds 2,762 bitcoins with an average price of $42,433.42 and a current market value exceeding $115 million.

The break-even bitcoin price for El Salvador’s portfolio is reported to be over $42,500 per BTC. Despite facing criticism and negative media coverage, El Salvador continues to hold its Bitcoin, intending to maintain its position for the long term.

In 2021, El Salvador made history by becoming the first country worldwide to adopt Bitcoin as legal tender.

Bitcoin’s recent surge, reaching over $42,000, contributed to El Salvador’s profitable position, marking a 150% increase in value throughout the year.

Despite facing international and domestic criticisms, especially from entities like the International Monetary Fund (IMF) and U.S. Senators, Bukele remains defiant. He called out “naysayers” who previously reported on losses, urging retractions or acknowledgments of El Salvador’s current gains.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.