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El Salvador President Nayib Bukele's bet on bitcoin is looking good, with the country's investment exceeding $159 million and profits reaching almost $54 million.
El Salvador's president Announced in mid-November 2022 that the country's government would buy one btc daily. Since then it has accumulated around 2,380 btc at an average price of $44,300 are worth around $159 million with btc 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
President of El Salvador responds to his critics
Bukele initially faced backlash for his decision, but responded strongly last month after the cryptocurrency king emerged.
“They wrote thousands of articles about our alleged losses” when the cryptocurrency price was low, he tweeted.
When bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinThe market price was low, they wrote literally thousands of articles about our supposed losses.
Now that bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinThe market price is very high, if we were to sell, we would make a profit of more than 40% (from market purchases alone), and our main source of btc is now our…
— Nayib Bukele (@nayibbukele) February 28, 2024
Bukele has said that the nation has no intention of selling its btc. Experts, analysts and journalists who wrote “critical articles” criticizing the decision to buy btc are “totally silent now,” he said.
Bukele was recently re-elected for another five-year term as president of El Salvador.
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