Under the leadership of President Nayib Bukele, El Salvador’s Bitcoin [BTC] holdings have flourished. From its initial acquisition of 700 BTC, the nation’s holdings surged to 2,798 coins by January, now boasting a remarkable value of $130.5 million.
Amidst this financial milestone, President Bukele’s bold move caught attention across the global financial landscape.
Taking to X (earlier Twitter), he declared,
“We won’t sell, of course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now).”
This proclamation marks a continuation of El Salvador’s strong stance since September 2021, when it captured international attention by integrating Bitcoin into its national strategy.
El Salavdor’s unrealized profits amidst skepticism
Unfortunately, some doubted El Salvador’s Bitcoin acquisition, believing it to be an unprofitable venture.
Responding to this criticism Bukele tweeted,
“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.”
The central American country bought BTC in November 2022 at an average cost of $42,440 per BTC. With the current Bitcoin price around $61,000, Bukele reaffirms that the country has unreal
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Author: Ishika Kumari
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