El Salvador President Nayib Bukele, in a post he shared on Bitcoin He claimed that he would make a 40% profit if he sold his assets. Bukele also explained that the main source of BTC for the Central American country is its citizenship program, which grants fast-track citizenship to anyone who invests $1 million in BTC or USDT, a stablecoin backed by the US dollar.
Bukele’s post comes as Bitcoin’s market price reached a new peak of $64,000 in the last 12 hours. He mocked and criticized critics and skeptics who had written “thousands of articles” about El Salvador’s alleged losses while the BTC price was low. He said that the authors of these “hit pieces”, “analysts”, “experts” and “journalists” are now “completely silent”. Remind his followers to remember this the next time they “lie” about El Salvador called.
When #Bitcoin‘s market price was low, they wrote literally thousands of articles about our supposed losses.
Now that #Bitcoin‘s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…
NEWS CONTINUES BELOW— Nayib Bukele (@nayibbukele) February 28, 2024
El Salvador joined the Bitcoin adventure in September 2021, becoming the first country in the world to recognize Bitcoin as legal tender alongside the US dollar. Since then, the country has made 12 major BTC purchases, totaling 2,849 BTC. The average cost of these purchases is $42,504 per coin. The portfolio has been in profit since December 2023 and has been recording profits since then following Bitcoin’s impressive growth. Bukele also announced that El Salvador will purchase one BTC every day as part of its dollar-cost averaging (DCA) strategy.
The adoption of Bitcoin as legal tender has caused controversy both inside and outside El Salvador due to the cryptocurrency’s volatility, environmental impact, and lack of transparency regarding the government’s financial policy. Some economists have warned that the move could expose the country to financial risks and regulatory challenges. But Bukele defended his decision as a way to improve the economy, facilitate remittances and attract foreign investment. Bukele also announced plans to build a “BTC City” powered by geothermal energy from a volcano.
