Bitcoin

El Salvador president <a href="https://cryptoslate.com/people/nayib-bukele/">Nayib Bukele</a>, who recently began a <a href="https://abcnews.go.com/International/wireStory/el-salvadors-president-nayib-bukele-requests-leave-campaign-105296179">six-month leave from office</a> in order to focus on his reelection campaign, has stated that El Salvador’s Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) investment has turned profitable due to Bitcoin’s recent surge past $41,000. 
Bukele <a href="https://twitter.com/nayibbukele/status/1731653743668572498?s=46&amp;t=aw6ZR-6aD050XLPVXY8AQA">wrote</a>. 
<blockquote>
 “El Salvador’s Bitcoin investments are in the black. With the current Bitcoin&nbsp;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 (as of this moment).”
</blockquote> 
However, <a href="https://nayibtracker.com/">data</a> from NayibTracker, a data aggregator monitoring El Salvador’s Bitcoin holdings, contradicts Bukele’s statement, showing the Central American country’s BTC holdings at an unrealized loss of $2.15 million. 
<figure id="attachment_379024" aria-describedby="caption-attachment-379024" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-379024" src="https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-04-161150.jpg" alt="El Salvador Bitcoin holding" width="1279" height="829" srcset="https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-04-161150.jpg 1279w, https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-04-161150-300x194.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-04-161150-1024x664.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/12/Screenshot-2023-12-04-161150-768x498.jpg 768w" sizes="(max-width: 1279px) 100vw, 1279px">
 <figcaption id="caption-attachment-379024" class="wp-caption-text">
 Data showing El Salvador’s Bitcoin Holding (Source: Nayibtracker)
 </figcaption>
</figure> 
Per the site, the country’s average BTC purchase price is $42,434, while the top cryptocurrency traded for $41,623 as of press time. 
Still, the data marks a significant turnaround for a country whose BTC holdings had <a href="https://cryptoslate.com/el-salvador-has-almost-20-million-in-unrealized-losses-despite-bitcoins-recent-rally-to-35k/">recorded</a> nearly $20 million in unrealized losses in October amid the flagship asset’s spike to $35,000. 
Over the weekend, BTC’s price <a href="https://cryptoslate.com/bitcoin-zips-past-41000-amid-unending-etf-optimism/">broke $41,000</a> amid continued market optimism surrounding a <a href="https://cryptoslate.com/sec-met-with-grayscale-and-seven-other-spot-bitcoin-etf-applicants-in-late-november/">possible approval</a> for a spot exchange-traded fund (ETF) in the U.S. 
<h2 id="el-salvador-won-t-sell">El Salvador won’t sell</h2> 
Bukele stated that El Salvador has no intentions of selling its BTC holdings, reaffirming a long-term strategy regardless of future price fluctuations. He said: 
<blockquote>
 “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.”
</blockquote> 
The Central American country has emerged as one of the most pro-BTC jurisdictions in the world since it made the flagship digital asset a legal tender in 2021. Since then, several crypto companies, <a href="https://cryptoslate.com/binance-becomes-el-salvadors-first-licensed-crypto-exchange-amid-regulatory-struggles-worldwide/">including Binance</a>, and major industry stakeholders have <a href="https://cryptoslate.com/bitfinex-documentary-on-the-rise-of-bitcoin-in-el-salvador-to-premiere-in-lugano/">touted</a> the country’s pro-crypto legislation. 
However, El Salvador’s BTC move has <a href="https://cryptoslate.com/el-salvadors-bitcoin-experiment-sees-slow-adoption-but-crime-reduction/">attracted detractors</a> whom Bukele described as “naysayers,” who have written “thousands of articles and hit pieces that ridiculed [the country’s] supposed losses.” 
The post <a href="https://cryptoslate.com/nayib-bukele-claims-profit-on-el-salvadors-bitcoin-despite-data-showing-losses/">Nayib Bukele claims profit on El Salvador’s Bitcoin despite data showing losses</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Nayib Bukele claims profit on El Salvador’s Bitcoin despite data showing losses

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