El Salvador Earns Over $3 Million from Bitcoin Investment

El Salvador has made headlines once again in the world of cryptocurrency as President Nayib Bukele proudly declared that the country's investment in Bitcoin has yielded impressive returns. With unrealized profits exceeding $3 million, this move has proven to be a substantial success.

In a social media post on X (formerly Twitter), President Bukele expressed his satisfaction with the outcome, stating, "El Salvador's investment in Bitcoin is in the green! After countless articles ridiculing our supposed losses based on Bitcoin's market price at the time, it's clear that we've not only recouped our initial investment but also earned $3,620,277." He emphasized that El Salvador has no plans to sell its digital assets and is committed to its "long-term strategy."

This success story began in September 2021 when El Salvador declared Bitcoin as legal tender and began purchasing the cryptocurrency. Despite significant fluctuations in Bitcoin's value, the country remained steadfast in its commitment. In mid-November 2022, President Bukele announced that El Salvador would continue its daily purchases of one Bitcoin.

President Nayib Bukele has long been a staunch advocate of Bitcoin and has actively promoted the cryptocurrency. Despite opposition from a significant portion of the country's population regarding the government's cryptocurrency investments, El Salvador has continued to acquire more Bitcoins. Currently, the country holds 3,144 Bitcoin, valued at approximately $130 million.

Critics, including publications like The New York Times, The Washington Post, and El Pais, have repeatedly criticized El Salvador's government policy and expressed concerns about the country's potential bankruptcy due to difficulties in servicing its $800 million external debt, attributed to losses from Bitcoin investments. President Bukele has vehemently denied the claims made in these articles, accusing these media outlets of spreading falsehoods.