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Nayib Bukele hits back at critics as El Salvador’s Bitcoin strategy results in 40% unrealized profits

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Nayib Bukele hits back at critics as El Salvador’s Bitcoin strategy results in 40% unrealized profits

El Salvador’s President Nayib Bukele recently shared insights on X about the nation’s Bitcoin investments, revealing a potential profit margin of over 40% from its holdings. 

Bukele highlighted that despite previous criticisms during Bitcoin’s price lows the current market upswing would result in substantial gains if the assets were liquidated now.

El Salvador, which adopted Bitcoin as legal tender alongside the U.S. dollar in September 2021, has no plans to sell its cryptocurrency.

The country’s Bitcoin acquisition strategy includes a citizenship program offering expedited naturalization in exchange for Bitcoin donations, contributing significantly to its treasury. El Salvador holds a total of 2,381 Bitcoins, purchased at an average price of $44,292, with current valuations suggesting a marked increase in investment value. This strategic accumulation and the subsequent rise in Bitcoin’s market price has been further confirmed via the Nayib Bukele Portfolio Tracker, an online tool that provides real-time data on the country’s Bitcoin holdings and their cost basis.

Additionally, El Salvador’s financial standing has seen improvement, with its bonds, particularly those due in 2052, trading above 80 cents on the dollar, as per FactSet data. This fiscal uplift coincides with the country’s steadfast approach to Bitcoin, with President Bukele reiterating the principle that “1 BTC = 1 BTC,” signifying his commitment to the cryptocurrency’s enduring value irrespective of market volatility.

Bukele further highlighted the extensive negative coverage by mainstream financial outlets during the 2022 Bitcoin bear market, focusing on El Salvador’s alleged losses. He contrasted this with their current silence, now that the country is poised to realize significant profits.

 “When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” Bukele remarked. 

“Remember this, next time they spill lies again about El Salvador,” he concluded.

This development has drawn skepticism from some, notably gold bug and Bitcoin critic Peter Schiff. He challenged the notion of El Salvador’s realized gains, suggesting that profits should only be discussed once they are actually sold and the gains are realized.

Meanwhile, Bukele’s administration has faced scrutiny and criticism from various quarters, including the International Monetary Fund (IMF), which has repeatedly advised against the adoption of Bitcoin as legal tender due to perceived risks and costs. However, El Salvador remains unwavering in its cryptocurrency strategy, planning to introduce Bitcoin-backed bonds and continue developing Bitcoin City, a proposed tax-free haven for crypto investments in the eastern part of the country.

El Salvador’s steadfast commitment to Bitcoin as a legal tender showcases defiance against traditional financial criticisms. This stance is further supported by the country’s plans to issue passports to investors contributing significant amounts in cryptocurrency amidst ongoing debates over the broader implications for El Salvador’s economic and political landscape.

El Salvador’s continued embrace of Bitcoin as legal tender is further cemented by President Nayib Bukele’s recent re-election. Relatedly, El Salvador’s Vice President Félix Ulloa has confirmed the continuation of Bitcoin as legal tender alongside other pro bitcoin initiatives.