Bitcoin ETF

Bitcoin

April

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<p class="has-drop-cap">Nayib Bukele, president of El Salvador, <a aria-label="announced (opens in a new tab)" href="https://x.com/nayibbukele/status/1731653743668572498?s=20" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">announced</a> Monday that the nation’s large-scale investment in Bitcoin (BTC) was now profitable by over $3 million. The move comes amid the <a href="https://tokenist.com/btc-is-up-19-over-30-days-how-far-can-it-go-in-2024/" rel="noopener noreferrer nofollow" class="deco-link">latest </a>BTC price surge to an 18-month high of $42,000.&nbsp;The leader also announced that the government has no intention to sell its Bitcoin holdings.</p>
<h3 id="el-salvador-will-not-sell-its-bitcoin-reiterates-long-term-focus">El Salvador Will Not Sell its Bitcoin, Reiterates Long-Term Focus</h3>
<p>El Salvador’s president Nayib Bukele said in an X post on Monday that the country’s Bitcoin investment is now profitable due to the latest rally that took the cryptocurrency above the $42,000 mark. According to his tweet, selling its BTC holding would net El Salvador more than $3 million in profit.&nbsp;</p>
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 <p>“With the current #Bitcoin market price, if we were to sell our #Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 USD (as of this moment).”</p> <cite>– Bukele wrote in his tweet.</cite>
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   <p lang="en" dir="ltr">El Salvador's <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> investments are in the black!<br><br>After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>’s market price at the time…<br><br>With the current <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> market price, if we were to sell… <a href="https://t.co/gvl2GfQMfb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/gvl2GfQMfb</a></p>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1731653743668572498?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 4, 2023</a>
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<p>However, Bukele emphasized that El Salvador has no intention of selling its BTC holdings and reiterated possible fluctuations in the maiden cryptocurrency will not affect its long-term plans.&nbsp;</p>
<p>This marks a significant turn of events for El Salvador, which was sitting on a loss of roughly $16 million three weeks ago, according to CoinDesk’s calculations.&nbsp;</p>
<p>El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender, a bold move championed by its Bukele. Despite facing domestic and international scrutiny, the Central American nation led by Bukele has remained a <a href="https://tokenist.com/el-salvadors-ministry-of-education-creates-a-bitcoin-course-for-school-students/" rel="noopener noreferrer nofollow" class="deco-link">staunch supporter of Bitcoin</a>, actively investing in the cryptocurrency as part of its efforts to leverage technology for financial inclusion and economic development.</p>
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<h3 id="bitcoin-hits-18-month-high">Bitcoin Hits 18-Month High</h3>
<p>El Salvador’s reaching profitability on its Bitcoin came on the back of the latest rally in the world’s biggest cryptocurrency. Notably, BTC briefly crossed the $42,000 threshold on Monday before retreating back to around $41,500. This was the first time Bitcoin touched that mark since April 2022.&nbsp;</p>
<p>The recent surge in Bitcoin prices is fueled by optimism surrounding the <a href="https://tokenist.com/bitcoin-is-up-133-ytd-as-etf-hype-grows-price-hits-18-month-high/" rel="noopener noreferrer nofollow" class="deco-link">potential approval of a spot Bitcoin ETF</a> by the US Securities and Exchange Commission (SEC) by January 10. If approved, it would mark the first such ETF in the US, with experts anticipating a favorable decision this time.&nbsp;</p>
<p>Additionally, cryptocurrencies and other risk assets have attracted investors’ interest amid growing expectations that the Federal Reserve has concluded its rate-hiking cycle, with some predicting potential cutting rates in the coming year.&nbsp;&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think El Salvador’s Bitcoin bet will be a successful move in the long term? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/el-salvadors-president-says-no-intention-to-sell-as-btc-holdings-turns-profitable/">El Salvador’s President Says No Intention to Sell as BTC Holdings Turns Profitable</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

El Salvador’s President Says No Intention to Sell as BTC Holdings Turns Profitable

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