In response to ongoing criticism surrounding El Salvador’s Bitcoin adoption, President Bukele addressed the negativity, attributing it to outdated market prices. He emphasized that recent gains have propelled the country’s Bitcoin investment to a profitable stance, challenging previous narratives of losses. President Bukele stated:
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…
El Salvador’s Bitcoin Holdings: A Profitable Venture
As of the latest market data, President Bukele revealed that El Salvador, if it were to sell its Bitcoin holdings, would not only recover its initial investment entirely but also realize a substantial profit exceeding $3 million. Despite market fluctuations, he reiterated the country’s commitment to a long-term strategy, emphasizing the decision to retain its Bitcoin holdings.
Reversal of Market Perception
CoinDesk‘s analysis, just three weeks ago, projected a loss of around $16 million for El Salvador’s Bitcoin holdings. However, current market conditions, propelled by Bitcoin’s surge to $42,000, have completely reversed this narrative. The renewed momentum in Bitcoin’s value is attributed to expectations of U.S. interest rate cuts and growing anticipation of the approval of exchange-traded bitcoin funds.
Seizing the moment, President Bukele called on critics to reassess their stance, urging retractions, apologies, or at least acknowledgment of El Salvador’s newfound profitability in its Bitcoin venture.
Bitcoin’s Resurgence: Implications for the Crypto Market
Bitcoin‘s recent surge, surpassing $42,000, signifies a resurgence in the market, driven by expectations of U.S. interest rate cuts and growing anticipation of the approval of exchange-traded bitcoin funds. This surge marks Bitcoin’s highest value since April 2022, dispelling concerns cast over the crypto markets by the collapse of FTX and other crypto companies last year.