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El Salvador's Bitcoin Investment 'In the Black,' Says President Bukele
"We have no intention of selling," Bukele added.
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."
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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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
