El Salvador Bitcoin Investment Turns to Profit
05 Dec, 2023 ● Crypto News
President Nayib Bukele of El Salvador stated in a post on December 4th that the nation's total Bitcoin (BTC) investments are currently worth $131 million, with a $3.6 million profit margin, representing a gain of 2.84%.
“Of course, we have no intention of selling; that has never been our objective,” stated Bukele and added:
“We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy.”
After receiving approval from the legislative assembly of El Salvador, Bukele resigned as president on December 1st, 2024, so he could take a leave of absence and concentrate on his reelection campaign in 2024.
Beginning in September 2021 and with an initial investment of $10.3 million, the Central American nation bought Bitcoin through its national treasury during Bukele's first term as president.
But in the midst of the bear market, the price of Bitcoin quickly fell by more than 50%.
In spite of this, Bukele persisted in dollar-cost-averaging the nation's Bitcoin holdings, making multiple purchases in 2022.
The nation's Bitcoin portfolio dropped from a book value of $103.9 million to as low as $45 million at one point.
Sources:
https://cointelegraph.com/news/el-salvador-bitcoin-portfolio-swings-profit
