El Salvador’s Bitcoin portfolio turns into a profit.
According to a Dec. 4 post by El Salvador's president, Naib Buquele, the country's total bitcoin investments are currently $131 million with a net profit of $3.6 million, for an overall return of 2.84%.
“We certainly have no intention of selling, that's never been our intention,” said Booke. “We are fully aware that prices will continue to fluctuate in the future, this will not affect our long-term strategy.”
El Salvador's #Bitcoin investments are in the black!
After thousands of posts and posts mocking our losses, all accounted for by the #Bitcoin market price at the time…
At the current #Bitcoin market price, if we sell… pic.twitter.com/gvl2GfQMfb
— Naib Bukele (@naibbukele) December 4, 2023
On December 1, Buquele resigned as president of El Salvador following approval from the country's Legislative Council, allowing him to take a sabbatical to focus on his 2024 re-election campaign. During Buckele's first term as president, the Central American country bought Bitcoin in the national treasury with an initial investment of $10.3 million starting in September 2021. However, in the middle of the bear market, the price of Bitcoin soon fell by more than 50%.
Despite this, Bukele continued to make repeated purchases in 2022, costing the nation's bitcoin investments to average dollars. At one point, the country's bitcoin portfolio dropped from a book value of $103.9 million to $45 million.
In 2021, El Salvador becomes the first country to accept Bitcoin as legal tender. The International Monetary Fund (IMF) has since warned that due to the limited adoption in the country, the risk that Bitcoin poses to El Salvador is “failed”. Last December, Cointelegraph reporter Joe Hall traveled to El Salvador to try using Bitcoin to pay for everyday services, with disastrous results. Next year, El Salvador plans to introduce Bitcoin education in state-run schools.
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