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El Salvador's President Bukele Reveals $3M Profit in Country's Bitcoin Investment

Bukele revealed that if El Salvador were to sell its Bitcoin holdings, the country would realize a substantial profit of $3,620,277.13.

Bitcoin's Rally Propels El Salvador to Profit

In a declaration on the X platform, El Salvador's President Nayib Bukele announced that the country's much-debated Bitcoin (BTC) investment has become profitable, showcasing gains exceeding $3 million. This revelation follows a weekend surge that propelled Bitcoin's value to the $42,000 range.

President Bukele addressed the numerous criticisms and negative portrayals that surrounded El Salvador's Bitcoin journey, emphasizing that these critiques were based on outdated market prices. He asserted:

 "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..."

As of the latest market data, President Bukele revealed that if El Salvador were to sell its Bitcoin holdings, not only would the country recover 100% of its initial investment, but it would also realize a substantial profit of $3,620,277.13. 

In addition, he reiterated that El Salvador will not sell its Bitcoin holdings, emphasizing a commitment to a long-term strategy regardless of price fluctuations.

CoinDesk's analysis from three weeks ago, which calculated El Salvador's Bitcoin holdings at approximately 2,744 bitcoins with an average price just below $42,000, had suggested a loss of around $16 million. However, the current market conditions have completely reversed this narrative, vindicating El Salvador's approach to cryptocurrency adoption.

President Bukele took the opportunity to call on critics, urging them to retract their statements, issue apologies, or at least acknowledge El Salvador's newfound profitability. 

It's worth noting that Bitcoin's recent surge, briefly surpassing $42,000, signifies a renewed momentum driven by expectations of U.S. interest rate cuts and growing anticipation of the approval of exchange-traded bitcoin funds. The surge has propelled Bitcoin to its highest value since April 2022, dispelling the shadow cast over the crypto markets by the collapse of FTX and other crypto companies last year.

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