How Nayib Bukele’s Bitcoin Bet Turned Profitable

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Nay­ib Bukele has lashed out at crit­ics after El Salvador’s Bit­coin (BTC) invest­ment showed an unre­al­ized prof­it of over $3.6 million

El Sal­vador, the only coun­try to accu­mu­late Bit­coin, had a strong con­vic­tion on the asset class. The country’s port­fo­lio turned prof­itable after hold­ing the asset through­out the bear mar­ket as Bit­coin hit $42,000.

Nayib Bukele Demands Apologies from Critics 

El Salvador’s bold deci­sion to make Bit­coin a legal ten­der received heavy crit­i­cism from the main­stream media and tra­di­tion­al finance insti­tu­tions. Final­ly, Nay­ib Bukele, the Pres­i­dent of El Sal­vador, wrote a post on X (Twit­ter), announc­ing that the coun­try has unre­al­ized prof­its of over $3.6 mil­lion. Bukele wrote:

“With the cur­rent Bit­coin mar­ket price, if we were to sell our Bit­coin, we would not only recov­er 100% of our invest­ment but also make a prof­it of $3,620 277.13 (as of this moment).

Of course, 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.”

Read more: Top 9 Cryp­to Friend­ly Coun­tries For Dig­i­tal Assets Investors

Dur­ing the lows of Novem­ber 2022, the coun­try had unre­al­ized loss­es of over $54 mil­lion. Yet, Bukele announced that El Sal­vador would buy one Bit­coin every day.

The bear mar­ket brought heavy crit­i­cism to El Salvador’s Bit­coin exper­i­ment from the main­stream media. Not just the main­stream media, but the likes of the Inter­na­tion­al Mon­e­tary Fund (IMF) slammed El Salvador’s Bit­coin adoption.

Call­ing out the main­stream media com­pa­nies, Bukele wrote:

“Nonethe­less, 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.

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

While El Salvador’s port­fo­lio was prof­itable when Bukele post­ed on X, it had an unre­al­ized loss of 2.34% dur­ing press time. Nay­ib Track­er, a web­site that tracks the Bit­coin port­fo­lio of El Sal­vador, shows that the coun­try holds 2,762 Bit­coin at an aver­age price of $42,434.

El Salvador Bitcoin Portfolio.
El Sal­vador Bit­coin Port­fo­lio. Source: Nay­ib Tracker

Some cit­i­zens of El Sal­vador believe that Bit­coin brings fresh hope, push­es them to get a finan­cial edu­ca­tion, and empow­ers the unbanked. 

Do you have any­thing to say about Nay­ib Bukele’s Bit­coin port­fo­lio or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik­Tok, Face­book, or X (Twit­ter).

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

Disclaimer

In adher­ence to the Trust Project guide­lines, BeIn­Cryp­to is com­mit­ted to unbi­ased, trans­par­ent report­ing. This news arti­cle aims to pro­vide accu­rate, time­ly infor­ma­tion. How­ev­er, read­ers are advised to ver­i­fy facts inde­pen­dent­ly and con­sult with a pro­fes­sion­al before mak­ing any deci­sions based on this content.



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