Bukele won't sell Salvadoran Bitcoin despite 40% profit potential

Janak9955

Salvadoran President Nayib Bukele recently responded to criticism of the country's adoption of Bitcoin as legal tender on Twitter. Bukele claimed in a statement that if El Salvador decides to sell its holdings of Bitcoin at the current market price, the country would make a profit of 40%.

Despite the potential for profit, Bukele confirmed the country's stance of not selling its cryptocurrency and emphasized the long-term perspective of their investment, stating, "We certainly will not sell."

The discussion surrounding El Salvador's holdings of Bitcoin and its value comes as the cryptocurrency approaches 12% of its all-time high, witnessing nearly a 24% growth in a single 10-hour period. As announced by Bukele, the country's investment in Bitcoin is tracked through the Nayib Bukele Investment Portfolio Tracker, an online tool monitoring El Salvador's Bitcoin purchases and their cost basis. According to the tracker, El Salvador holds 2,848 Bitcoins, estimated to be worth around $17.3 billion at the current price.

Criticism and support for El Salvador's Bitcoin Law
Bukele faced strict scrutiny from the international community and financial analysts for his decision to designate Bitcoin as legal tender. Given the volatility of cryptocurrencies, the International Monetary Fund (IMF) warned that this move could pose potential economic risks. Despite these warnings and widespread criticism sparked by the bear market in 2022, El Salvador continues to purchase Bitcoin, pledging to buy 1 BTC every day after the collapse of the FTX exchange.

This steadfast commitment to Bitcoin comes amid discussions about the role of cryptocurrency in the national economy and its potential to disrupt traditional financial systems. With the rise in the value of Bitcoin, Bukele's recent statements also highlight a sense of vindication, challenging those who predicted the failure of El Salvador's cryptocurrency strategy.

Leadership and Popularity
Nayib Bukele's leadership extends beyond his cryptocurrency strategy. He was recently re-elected with an 85% approval rate, highlighting his popularity among Salvadorans, attributed to a significant reduction in gang violence and improvements in public safety. Bukele credits part of the success of his administration to innovative financial policies, including the adoption of Bitcoin.

Similar to El Salvador's approach, companies like MicroStrategy have heavily invested in Bitcoin and have received substantial returns on their investments. Earlier reports from Cryptopolitan mentioned that MicroStrategy made an additional acquisition of 155.4 Bitcoins for $3 billion. The value of MicroStrategy's BTC holdings has soared to $1.028 billion.

Niti998

The profit gains like this are really impressive, aren't they?

Kamal531

When I have time, I want to emulate you.

Sona59

Certainly, everyone aims for profit; no one wants to incur losses.