Bitcoin

El Salvador’s president Nayib Bukele announces a complete recovery of the country’s Bitcoin investment, yielding a $3.62 million profit.
After facing criticism over supposed losses, President Nayib Bukele took to X to announce that El Salvador’s Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) investment has recovered 100% of its initial investment and generated a profit of $3.62 million at the asset’s current market price.&nbsp;
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 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! 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… 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>— 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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President Bukele showed that the country’s portfolio currently sits at $130.8 million, an all-time increase of 2.84%, with profit realization based on the current Bitcoin market price. The president emphasized that selling Bitcoin is not the objective, as <a href="https://crypto.news/tag/el-salvador/" data-type="link" data-id="https://crypto.news/tag/el-salvador/" rel="noopener noreferrer nofollow">El Salvador</a> remains committed to its long-term strategy.&nbsp;
Bukele confirms that despite this success, the country has no plans to sell its Bitcoin holdings.
You might also like: <a href="https://crypto.news/el-salvador-pioneers-first-bitcoin-mining-pool-boosting-renewable-energy/" rel="noopener noreferrer nofollow"> El Salvador pioneers first Bitcoin mining pool, boosting renewable energy </a>
While acknowledging the cryptocurrency’s price fluctuations, the president called on critics to retract their statements, issue apologies, or recognize the country’s newfound profitability.&nbsp;
Bukele concluded his post by challenging actual journalists to report this new reality, inviting them to stay tuned for updates on El Salvador’s Bitcoin journey.
The news comes just shy of two months later than an&nbsp;<a target="_blank" href="https://crypto.news/el-salvador-pioneers-first-bitcoin-mining-pool-boosting-renewable-energy/" rel="noopener noreferrer nofollow">earlier report</a>&nbsp;that revealed that El Salvador was on the verge of launching its inaugural Bitcoin mining pool through a partnership between Volcano Energy and Luxor Technologies.&nbsp;
The initiative was said to decentralize <a href="https://crypto.news/tag/mining/" data-type="link" data-id="https://crypto.news/tag/mining/" rel="noopener noreferrer nofollow">mining</a> and leverage renewable energy as part of the country’s larger demonstration to become a major crypto hub.
Read more: <a href="https://crypto.news/binance-gets-fully-licensed-in-el-salvador/" rel="noopener noreferrer nofollow"> Binance gets fully licensed in El Salvador </a>

El Salvador’s president affirms long-term Bitcoin strategy is successful

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