Presidential Profit Announcement Former President Nayib Bukele, who recently stepped down to focus on his reelection campaign, has announced a surprising turn in El Salvador’s Bitcoin investments. Defying skeptics, Bukele declared that the country’s foray into cryptocurrency has yielded a 2.84% profit, translating to a $3.6 million gain. This news comes amidst a significant Bitcoin rally, with prices soaring above $42,000.

Holding for the Long Haul Despite the temptation to cash in on these profits, Bukele emphasized that El Salvador has no plans to sell its Bitcoin holdings. This decision aligns with the country’s long-term investment strategy, reflecting a belief in the enduring value of Bitcoin. El Salvador made history in 2021 by being the first nation to adopt Bitcoin as legal tender, a move now seen as vindicated by the currency’s recent surge.

A Political and Financial Win Bukele’s announcement coincides with his lead in the polls for the upcoming February presidential election. His tenure, marked by a significant reduction in crime through aggressive policies, has bolstered his popularity. If victorious, he will be inaugurated for a second five-year term in June. This financial success with Bitcoin investments could further enhance his political standing.

A Response to Critics Taking to Twitter, Bukele addressed the numerous critical articles and skepticism surrounding El Salvador’s Bitcoin investments. With a tone of vindication, he challenged the media to report on the country’s current profitable position with the same fervor they exhibited in highlighting potential losses. This profitability marks a significant milestone for El Salvador, not only financially but also in its pioneering approach to cryptocurrency adoption.

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SOURCE: El Salvador’s Bitcoin Investments Have Turned a Profit, President Says (wsj.com)