Share this article
El Salvador's Bitcoin Investment 'In the Black,' Says President Bukele
"We have no intention of selling," Bukele added.
Updated Mar 8, 2024, 6:04 p.m. Published Dec 4, 2023, 1:03 p.m.
Make us preferred on Google
The president of El Salvador took to the X platform early Monday morning to note his country's bitcoin [BTC] investment was now profitable by more than $3 million following the crypto's rally to the $42,000 area over the weekend.
"We have no intention of selling; that has never been our objective," he added. "We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Click here to read CoinDesk's Most Influential list for 2023, a series of 50 profiles of key people, companies and trends in crypto.
El Salvador's #Bitcoin investments are in the black!
— Nayib Bukele (@nayibbukele) December 4, 2023
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time...
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
Based on public statements from Bukele, CoinDesk three weeks ago calculated that the country at that time owned roughly 2,744 bitcoins at an average price a bit lower than $42,000 and was sitting on a loss of about $16 million.
More For You
Bitcoin pops then drops as Supreme Court strikes down Trump tariffs
As has been typical in crypto markets of late, even the most modest move higher was met with immediate selling.
What to know:
- The U.S. Supreme Court struck down President Trump's tariffs.
- The news quickly sent bitcoin higher by about 2% to above $68,000, but the gains proved fleeting, with BTC quickly returning to the $67,000 level.
- Earlier Friday, U.S. economic data showed slower than expected economic growth alongside higher than hoped inflation.
Top Stories
