Nayib Bukele: El Salvador Is on Profit With Its Bitcoin Holdings

By Eddie Galdamez  |  Dec 4th, 2023
President Nayib BukeleNew Stadium inauguration. Image by PresidenciaSV

Today, December 4, Nayib Bukele stated on his X (Twitter) official account that El Salvador is now in profit on its Bitcoin Purchases. Bukele, now a presidential candidate, called out reports that constantly documented the country’s losses while Bitcoin was down.

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… Nayib Bukele.

Nayib Bukele noted that at the time of his message and with the current Bitcoin market price, El Salvador would make a profit if it were to sell its Bitcoin holdings. “We would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD,” wrote Bukele.

Bukele also stated that there is no intention of selling right now because that has never been the objective. “We are fully aware that the price will continue to fluctuate in the future, but this doesn’t affect our long-term strategy, noted Nayib Bukele.

Additionally, he called on journalists who wrote articles calling out El Salvador’s Bitcoin investments to report the gains with the same energy that they informed on the losses.

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one,” wrote Bukele.

It is important that the naysayers and the authors of those hit pieces take back their statements. 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. Nayib Bukele.

Purchasing One Bitcoin per Day

President Nayib Bukele has been committed to Bitcoin, even when El Salvador’s investments were in the red. He doubled down on Bitcoin besides facing public criticism for embracing the cryptocurrency.

On November 16, 2022, Bukele announced via Twitter that the country would be purchasing one Bitcoin per day, commencing the following day. “We will acquire one Bitcoin daily, starting tomorrow,” declared the president in his tweet.

Bitcoin was trading at about $16,500 per unit at the time of Bukele’s announcement; at the time of this note, Bitcoin was at about $41,000.

El Salvador made Bitcoin a legal tender in 2021 and became part of El Salvador’s culture.