El Salvador, the first country to adopt Bitcoin as a currency, was again positive this Monday about its investments in the largest cryptocurrency on the market (4). Since January 2022, almost 2 years ago, the small Central American country has been at a loss and received a lot of criticism from the media.
On social media, Nayib Bukele celebrated the milestone and sent a message to his critics. According to data shared by the President of El Salvador, his country has 3,144 bitcoins in cash, earning him approximately $4.35 million at the time of writing.
“If they consider themselves real journalists, they must report this new reality with the same intensity with which they reported the previous one.”
El Salvador benefits from Bitcoin
On average, each of the 3,144 bitcoins was purchased for approximately $40,479. With Bitcoin crossing $41,000 this Monday (4), investment in El Salvador was once again positive.
“El Salvador’s Bitcoin Investments Are in the Black”wrote Nayib Bukele, President of El Salvador. “After literally thousands of articles ridiculing our alleged losses.”
“At Bitcoin’s current market price, if we were to sell our Bitcoin, we would not only get back 100% of our investment, but we would also (currently) make a profit of $3.62 million.”
That of El Salvador #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces ridiculing our alleged losses, all of which were calculated based on #Bitcoinmarket price at that time…
With the flow #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Then the President of El Salvador emphasizes that they have no intention of selling these bitcoins and that this was never the goal. “We are well aware that the price will continue to fluctuate in the future”Bukele continued, aware that Bitcoin could fall again, but that “Has no influence on the long-term strategy”.
In addition to El Salvador, other major investors are also benefiting from the rise of Bitcoin. a MicroStrategya publicly traded company with the largest number of bitcoins in cash is already making unrealized profits from $2.1 billion (R$10.3 billion).
According to data from BitcoinTreasuries, few companies are still making losses, such as Nexon, Aker and Meitu. Another highlight is the TeslaElon Musk’s company, makes a 21% profit on its 9,720 bitcoins.
American believes El Salvador can become the ‘Singapore of Latin America’
Even before El Salvador turned bullish on its bet on Bitcoin, an American investor published a long report about his recent trip to the country of Bukele. In short, he compared El Salvador to Singapore, an Asian country with a highly developed economy.
“The goal in El Salvador seems to be a Latin American version of Singapore: business-friendly, growth-oriented and tough on crime”responded to the MacroScope profile on Twitter. “Based on what I saw during my visit, this is possible and they are making progress. Remember, Singapore was not always the kind of country it is today – far from it.”
Regarding Bitcoin, he notes that “The news about how much the country has gained or lost with BTC is ridiculous” is that “Bitco has more than paid for itself”.
“Without the country’s adoption of Bitcoin, I wouldn’t be here, and neither would many others. But the benefits of Bitcoin are not just about increasing tourism. It is part of a wider holistic education about computers, technology, finance and personal growth and independence.”
Concluding the section on Bitcoin, he also notes that young Salvadorans will have the knowledge and skills to get good jobs or start their own technology companies. As a highlight, even Google and Facebook showed interest in El Salvador after adopting Bitcoin.
“Bukele’s introduction of Bitcoin is probably one of the smartest socio-economic steps any country has ever taken and will continue to pay dividends in many ways for years to come”concluded the investor.
The full account of his journey can be read on your Twitterwhere he also reveals that the people of El Salvador, despite not speaking Spanish, were very helpful and cheerful. “They are trying their best”he concluded.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
