El Salvador, under the leadership of Nayib Bukele, emerges as a remarkable example of resilience and long-term vision. The country, which made history by adopting Bitcoin as legal tender in 2021, recently saw its investment in the cryptocurrency turn profitable, with an impressive gain of over $3 million.
Bitcoin’s recent rally, which saw it briefly surpass the $42,100 mark, was a significant catalyst in El Salvador’s finances. Just three weeks ago, the country was facing a loss of approximately US$16 million, but the situation quickly changed with the increase in the price of Bitcoin. This feat is especially notable considering it is the first time Bitcoin has reached this milestone since April 2022.
Bukele, in a tweet, expressed the profitability of the country’s investment, stating: “At the current market price of #Bitcoin, if we sold our #Bitcoin, not only would we recover 100% of our investment, but we would also make a profit of US$ 3,620,277.13 (as of this moment).”
El Salvador’s #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
— Nayib Bukele (@nayibbukele) December 4, 2023
However, the Salvadoran leader stressed that there are no plans to sell the country’s Bitcoin holdings. This stance reiterates El Salvador’s long-term vision regarding Bitcoin, despite the cryptocurrency’s inevitable fluctuations.
Bitcoin’s optimistic scenario is further fueled by expectations surrounding the potential approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), expected by January 10. The approval of this ETF would be a milestone for the US cryptocurrency market.
El Salvador’s approach to Bitcoin, despite initially facing criticism, has been part of a broader strategy to leverage the technology for financial inclusion and economic development. This latest development underscores the importance of persistence and strategic vision in the volatile world of cryptocurrencies.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.