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El Salvador’s Bitcoin Strategy Pays Off with $3.6 Million Profit – Will President Nayib Bukele Sell BTC Holdings?

The price of Bitcoin (BTC), reaching over $42,000 on Monday for the first time since April 2022, has now exceeded El Salvador’s average purchase price. This development puts the Central American nation’s crypto investment back in a profitable position.

El Salvadorian President Nayib Bukele shared the news via a tweet on X earlier on Monday, proudly declaring that the nation’s BTC “investments are in the black!” In doing so, Bukele pushed back against the numerous articles that had previously highlighted El Salvador’s purported paper losses on its BTC investments, all of which were based on the prevailing Bitcoin market price.

In his statement, President Nayib Bukele highlighted that at the present market price, which was in the mid-$41,000s at the time of his tweet, El Salvador is enjoying a notable profit of $3.6 million. The president substantiated this claim by sharing a screenshot detailing the nation’s BTC portfolio.

According to the provided information, El Salvador currently holds approximately $130 million worth of BTC, having acquired the cryptocurrency at an average price of $40,479 over the course of the past two years. It is estimated that El Salvador possesses around 2,750 BTC in its portfolio.

Will President Nayib Bukele Sell BTC Holdings?

President Nayib Bukele underscored, “We have no intention of selling… that has never been our objective.” He emphasized that El Salvador is fully aware of the inevitable fluctuations in the price of Bitcoin in the future, but these variations do not impact the nation’s long-term strategy.

Bukele has consistently demonstrated strong support for Bitcoin, notably making it legal tender in El Salvador in 2021. Additionally, he has actively provided technical support for the integration of Bitcoin into the country’s economy, showcasing a steadfast commitment to the adoption and use of cryptocurrency.

President Nayib Bukele is of the belief that Bitcoin provides countries like El Salvador with an opportunity to break free from the dominance of the inflationary US dollar. With the potential continuation of the Bitcoin bull run, especially as a more accommodative stance in Fed policy appears imminent and optimism about institutional adoption grows—fueled by expectations of the approval of spot Bitcoin ETFs in the US—other South American nations, such as Argentina, may be contemplating a similar Bitcoin strategy.

The incoming Libertarian President of Argentina, Javier Milei, who has pledged to dismantle the country’s central bank amid triple-digit annual inflation, is a known supporter of Bitcoin. Milei’s inclination towards Bitcoin reflects a broader trend in South America, where leaders are exploring alternative financial strategies to mitigate the impact of inflation and economic challenges.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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