El Salvador’s Bitcoin Adoption Starts To Pay Off, Profits Exceed $3.6 Million
Bukele Reiterates Long-Term Bitcoin Vision Despite Selling Rumors.
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El Salvador, the first country to adopt Bitcoin as legal tender, reports profits from its investment in the cryptocurrency. El Salvador president, Nayib Bukele, announced on Monday that his country had profited more than $3.6 million from its bitcoin investment, the cryptocurrency it adopted as legal tender last September.
Bukele said that his government had bought 550 bitcoins, which were worth almost $28 million at the current market price, and that if he sold them now, he would recover 100% of his investment and make a profit of $3,620,277.13.
“Of course, we have no intention of selling; that has never been our goal. We are fully aware that the price will continue to fluctuate in the future, this does not affect our long-term strategy,” Bukele wrote on Twitter.
The Salvadoran leader also asked the media and critics to retract their articles and statements that ridiculed his alleged loss from adopting Bitcoin.
“The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses,” Bukele said.
El Salvador’s bold experiment with Bitcoin, launched in September 2021, has been met with both praise and skepticism. While some see it as a risky gamble for the fragile economy, others hail it as a potential catalyst for economic diversification, foreign investment, and cryptocurrency-powered financial education.
Despite the ongoing debate and inherent challenges, El Salvador’s early Bitcoin profits offer a compelling narrative shift and reinforce Bukele’s unwavering long-term vision.