El Salvador’s bitcoin bet is in the green: Bukele
Nayib Bukele shared the news in a post on X, slamming critics for their negative approach to the company’s bitcoin strategy
President of El Salvador Nayib Bukele | Muago/"Inauguracion Juventour 2015″ (CC license)
El Salvador’s bitcoin investment is in the black, according to president Nayib Bukele.
Bukele alleged on X that El Salvador could not only recoup its initial bitcoin investment but also potentially earn millions if the country decides to sell.
According to Nayibtracker.com, which tracks the country’s bitcoin purchases based on Bukele’s tweets, El Salvador would walk away with roughly $4 million in profit as of publication.
The price of bitcoin (BTC) sits around $41,000 at time of publication after hitting $42,000 Monday morning. After a rough 2022 following the collapse of FTX and multiple bankruptcies, bitcoin’s price is now sitting at levels not seen since before Terra collapsed.
Bukele, in his X post, used a screenshot from the site to showcase his country’s investment.
Read more: FTX began to unravel one year ago today: A timeline
“We have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy,” Bukele said.
The last recorded buy on the website was back in November 2022 when Bukele claimed that the country would buy one bitcoin a day. Bukele said that the purchases would be part of a dollar cost averaging strategy.
However, it’s unclear if Bukele proceeded with that strategy.
El Salvador’s bitcoin holdings are worth around $131 million, according to the tracker.
Bukele and El Salvador first started adding to its bitcoin position back in September 2021 with a purchase of 200 bitcoin. At the same time, he made bitcoin legal tender in the country.
Since then, Bukele has faced widespread criticism for his country’s holdings. Even US politicians on Capitol Hill are pushing for an analysis into the risks posed by the country’s bitcoin adoption.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
