Nayib Bukele claims profit on El Salvador's Bitcoin despite data showing losses
El Salvador president Nayib Bukele, who recently began a six-month leave from office in order to focus on his reelection campaign, has stated that El Salvador’s Bitcoin (BTC) investment has turned profitable due to Bitcoin’s recent surge past $41,000.
Bukele wrote.
“El Salvador’s Bitcoin investments are in the black. With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277.13 (as of this moment).”
However, data from NayibTracker, a data aggregator monitoring El Salvador’s Bitcoin holdings, contradicts Bukele’s statement, showing the Central American country’s BTC holdings at an unrealized loss of $2.15 million.
Per the site, the country’s average BTC purchase price is $42,434, while the top cryptocurrency traded for $41,623 as of press time.
Still, the data marks a significant turnaround for a country whose BTC holdings had recorded nearly $20 million in unrealized losses in October amid the flagship asset’s spike to $35,000.
Over the weekend, BTC’s price broke $41,000 amid continued market optimism surrounding a possible approval for a spot exchange-traded fund (ETF) in the U.S.
El Salvador won’t sell
Bukele stated that El Salvador has no intentions of selling its BTC holdings, reaffirming a long-term strategy regardless of future price fluctuations. He said:
“We have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
The Central American country has emerged as one of the most pro-BTC jurisdictions in the world since it made the flagship digital asset a legal tender in 2021. Since then, several crypto companies, including Binance, and major industry stakeholders have touted the country’s pro-crypto legislation.
However, El Salvador’s BTC move has attracted detractors whom Bukele described as “naysayers,” who have written “thousands of articles and hit pieces that ridiculed [the country’s] supposed losses.”
