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 El Salvador president Nayib Bukele recently announced on X that his country’s bitcoin investments “are in the black!” However, the unofficial tracker he relied on was not accurately reporting the holdings. 
 In the tweet, <a rel="dofollow" title="Bukele" href="https://thebittimes.com/tag/bukele.html">Bukele</a> includes a picture of a graph from ‘nayibtracker.com,’ an unofficial website that has attempted to track the value of <a rel="dofollow" title="El Salvador" href="https://thebittimes.com/tag/el-salvador.html">El Salvador</a>’s <a rel="dofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> portfolio. This website makes it clear that it is not affiliated with the Salvadoran government and that “the data is based on estimates and probably not 100% correct.” 
 This was demonstrated when X user Pledditor pointed out that the website was double-counting Bukele’s daily bitcoin purchases.&nbsp; 
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 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… With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb— Nayib Bukele (@nayibbukele) December 4, 2023
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 Read more: This Bukele lobbyist now works for Tether too 
 The creator of the tool responded to acknowledge that it was mistaken and corrected it. This sent <a rel="dofollow" title="Bukele" href="https://thebittimes.com/tag/bukele.html">Bukele</a>’s portfolio briefly back into the red before the continuing increase in <a rel="dofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a>’s price pushed it back into the black. 
 The more troubling implication of this reveal is that Bukele apparently doesn’t have access to a more accurate accounting of the quantity and value of bitcoin that El Salvador has purchased and is instead relying on third-party tools like this. 
 Compounding this problem, <a rel="dofollow" title="Bukele" href="https://thebittimes.com/tag/bukele.html">Bukele</a> and the Salvadoran government have yet to provide public verification of its <a rel="dofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> portfolio.&nbsp; 
 Protos has reached out to the office of the Presidency of the Republic of El Salvador to ask why Bukele was relying on this tool and to ask for disclosure of current bitcoin holdings and the acquisition price. 
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/did-bukele-lie-about-el-salvador-s-bitcoin-profits-tbt72835.html">https://thebittimes.com/did-bukele-lie-about-el-salvador-s-bitcoin-profits-tbt72835.html</a>

Did Bukele lie about El Salvador's bitcoin profits?

TheBitTimes

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