President Nayib Bukele has taken to X to defend El Salvador’s Bitcoin (BTC) investment strategy, which the leader describes as “in the black.” As prices recover, Bukele now wants critics to acknowledge their misjudgments and apologize.

Is El Salvador’s Bitcoin Investment In The Green?

In a December 4 post on X, the president said that if they were to sell Bitcoin at current spot rates, presently above $41,500 and around fresh 2023 highs, the country would “recover all their previous investments and realize a profit of over $3.2 million.”

Bitcoin is pushing higher when writing, trending in an almost parabolic path following sharp gains over the weekend that spilled on to December 4. Following today’s impressive run, the world’s most valuable coin soared over 170% from 2022 lows.

As per the candlestick arrangement, BTC has more upsides, with clear liquidation at around $48,000. Any extension of today’s gains towards 2021 peaks of about $70,000 would push El Salvador into profitability. 

According to the Nayib Tracker, El Salvador holds 2,762 BTC bought over the months at an average cost of $42,434.31. In spot rates when writing on December 4, this batch is worth $115,252,956.96, down from its actual value of $117,203,558.66 based on the average cost it was bought. Therefore, despite Bukele’s claim, El Salvador is down by over $1.9 million.