Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
President of El Salvador Nayib Bukele has taken to Twitter to share the recent news of the progress the country has been making after making the flagship cryptocurrency Bitcoin its national currency.
Bukele proudly stated that the country’s investments in Bitcoin have made all the media that ridiculed this decision fall silent. Not only will El Salvador be able to cover all the funds it invested in BTC, it would also make a few million USD on top of that, should they sell all their Bitcoin now. But Bukele says they have no intention of selling.
Early Bitcoin investor and advocate Max Keiser moved to El Salvador to become the senior Bitcoin advisor to Bukele.
"El Salvador's Bitcoin investments are in the black"
Bukele proudly stated that "El Salvador's #Bitcoin investments are in the black!" He explained that with the current price tag of Bitcoin, if El Salvador decided to sell all their BTC, they would "not only recover 100% of our investment but also make a profit of $3,620,277.13" (as of this moment).
Nayib Bukele reminded the community that when, three years ago, he decided to switch the country’s economy to Bitcoin-powered tracks and make BTC the national currency of El Salvador, there were thousands of articles that ridiculed their supposed losses on that investment.
The president emphasized that they have no intention to sell their BTC, and that has never been the goal. He added: “We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
He believes that “the naysayers and the authors of those hit pieces” should take back their negative statements and “issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.”
Earlier today, Bitcoin managed to break above the $40,000 level and hit $41,900 for the first time since April last year.
Alex Dovbnya
Denys Serhiichuk
Valeria Blokhina
