El Salvador's Bitcoin Venture Successful, Claims President Bukele

• El Salvador's Bitcoin Investment Turns Profitable
• Commitment to Holding Bitcoin
• Bitcoin Holdings and Past Performance

El Salvador's Bitcoin Investment Turns Profitable

The President of El Salvador announced on a popular platform earlier this week that the nation's investment in Bitcoin$42,260 -0.64% (BTC) has become profitable. With the cryptocurrency rallying to the $42,000 area over the weekend, El Salvador's Bitcoin investment has now yielded a profit exceeding $3 million.

Commitment to Holding Bitcoin

El Salvador's leadership has clarified that the country has no plans of selling its Bitcoin holdings. The stated goal has never been to make a quick profit through selling, but to invest in the long term. The leadership also acknowledged the volatility inherent in such an investment, stating, We are fully aware that the price will continue to fluctuate in the future, this doesn't affect our long-term strategy.

Bitcoin Holdings and Past Performance

Data sourced from public statements issued by El Salvador's President Bukele reveal that, three weeks ago, the country possessed approximately 2,744 bitcoins. They were acquired at an average price slightly lower than $42,000. At that time, El Salvador was experiencing a loss of about $16 million on its Bitcoin investment. However, with the recent surge in Bitcoin prices, the investment has now turned profitable.

Edited by Jonathan Stoker