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El Salvador’s President Nayib Bukele’s Bitcoin bet is paying off, as the nation’s investment has soared past $159 millions and profits have reached almost $54million.
El Salvador’s president announced In mid-November of 2022, the government will buy one BTC a day. It has accumulated since about 2,380 BTC is worth $159 million at an average of $44,300. BTC was trading at $66,973 at 10.57 am EST.
Still waiting… https://t.co/FkKs2rRP1Q pic.twitter.com/X6UyAsoTIz
— Nayib Bukele (@nayibbukele) March 4, 2024
El Salvador President Hits Back At Critics
Bukele faced initial backlash over his decision. But he hit back last month, after the kings of cryptos surged.
“They wrote thousands of articles about our supposed losses,” He tweeted when the price of crypto was low.
You can also find out more about #BitcoinThey wrote literally thousands articles about our supposed loss.
Here’s a thought: #BitcoinThe market price for’s is up. If we were to sell we would make over 40% profit (just on the purchases made in the market), and our primary concern. source of BTC is now our…
— Nayib Bukele (@nayibbukele) February 28, 2024
Bukele stated that the nation does not intend to sell BTC. The authors are journalists, analysts, and experts. “hit pieces” Criticism of the decision to purchase BTC is “totally silent now,” He said.
Bukele was recently re-elected El Salvador will be re-elected for a fifth five-year presidential term.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com
