El Salvador’s Bitcoin Investment Yields Over 40% Profit

El Salvador has seen a significant increase in the value of its Bitcoin investments, with President Nayib Bukele announcing that the country’s holdings have surged over 40% in value. According to Bukele’s recent update on the social media platform X, El Salvador’s Bitcoin portfolio is now valued at over $147 million. This represents a potential profit of nearly $41.6 million should the country decide to sell its holdings, reflecting a substantial return on investment since it began purchasing Bitcoin in September 2021.

Bukele’s administration has faced criticism for its decision to invest heavily in Bitcoin, with skeptics pointing to the cryptocurrency’s volatility and the risk it posed to the country’s financial stability. However, Bukele has countered these concerns with the current profitability of the investment, highlighting the positive outcome despite the initial skepticism. “When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” he stated. “Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40%.”

The country’s Bitcoin was acquired at an average price of $44,292, totaling 2,381 in BTC. Bukele also mentioned that significant portion of El Salvador’s additional Bitcoin holdings comes from its citizenship program, which offers expedited citizenship in exchange for a BTC donation to the government. Despite the current profitability, Bukele has indicated that El Salvador has no plans to sell its Bitcoin holdings.

This stance comes after Bukele’s landslide re-election victory in early February, where he secured more than 85% of the vote, underscoring strong public support for his leadership and perhaps his pioneering Bitcoin strategy.

At time of writing, Bitcoin is moving hands at $61,745 according to CoinMarketCap data.