• Sat. Nov 2nd, 2024

Bukele Announces El Salvador s Bitcoin Gamble is Now Profitable

Dec 4, 2023

El Salvador's President Nayib Bukele was very happy to prove nay-sayers wrong, announcing that the country's Bitcoin investments are now profitable.

Bukele said on X that El Salvador's Bitcoin holdings, if sold at the current market price, would not only recover the total investment but also generate a profit exceeding $3.6 million. This news comes as Bitcoin surged above $42,000.

This profit margin has since increased to approximately $4.1 million​​. As of the latest reports, El Salvador holds 3,144 Bitcoin tokens, acquired for a total of $127,268,514. This investment, which averaged a purchase price of about $40,479.81 per Bitcoin over two years, is now valued at $131,392,743, reflecting a profit of $4,124,228​​.

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[Source: TheDefiant]

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