Benzinga - El Salvador's former President Nayib Bukele on Monday announced that the country's Bitcoin (CRYPTO: BTC) investment has turned profitable and that the country is currently sitting on an unrealized gain of $3.6 million from its Bitcoin investments.
A Turnaround In Investment Fortunes
President Bukele's tweet highlighted that contrary to numerous critical reports, El Salvador's foray into Bitcoin has yielded positive results.
He pointed out that if the country were to sell its Bitcoin holdings at the current market price, it would not only recover the entire investment but also earn a profit of $3.62 million.
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Challenging The Critics
The President's statement comes as a direct challenge to the skeptics and critics who previously ridiculed El Salvador's decision to invest in Bitcoin, citing potential losses based on the cryptocurrency's fluctuating market prices.
Bukele emphasized the need for those who published negative articles and "hit pieces" to retract their statements and acknowledge the country's current profitable status.
Long-term Strategy Over Short-term Fluctuations
Despite the current profitability, Bukele affirmed that El Salvador has no intention of selling its Bitcoin holdings.
He reiterated that the country's approach to Bitcoin is a long-term strategy, undeterred by short-term price fluctuations in the cryptocurrency market.
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