Bitcoin Rally Propels El Salvador's Holdings Into Profit, Says President - Decrypt
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Bitcoin Rally Propels El Salvador's Holdings Into Profit, Says President
Nayib Bukele took to Twitter to celebrate Bitcoin's latest rally pushing El Salvador's holdings into the black—and lambast critics. Bitcoin's rally to an 18-month high over $42,000 has pushed El Salvador's BTC buys into the bla
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El Salvador's President Nayib Bukele announced on Twitter that the recent rally in Bitcoin's price has pushed the country's BTC holdings into profit. At the current market price, El Salvador would make a profit of around $3.6 million if it were to sell its holdings, but Bukele stated that the country has no intention of selling. He also criticized media outlets for previously ridiculing the country's supposed losses and demanded that they report this new reality. El Salvador adopted Bitcoin as legal tender in June 2021 and has been purchasing it as a hedge against inflation.
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- Bitcoin Rally Propels El Salvador's Holdings Into Profit, Says President Nayib Bukele took to Twitter to celebrate Bitcoin's latest rally pushing El Salvador's holdings into the black—and lambast critics.
- Bitcoin's rally to an 18-month high over $42,000 has pushed El Salvador's BTC buys into the black, said the country's president Nayib Bukele.
- Posting on Twitter, Bukele announced that at Bitcoin's current market price, the country would make a profit of around $3.6 million were it to sell its holdings. "Of course, we have no intention of selling; that has never been our objective," Bukele added, noting that the country is "fully aware that the price will continue to fluctuate in the fut...
- Bukele also used his tweet to lambast critics in the media, pointing to, "literally thousands of articles and hit pieces that ridiculed our supposed losses," and demanding that they "report this new reality with the same intensity they reported the previous one."
- Bitcoin and El Salvador In June 2021, Bukele announced that BTC would become legal tender in El Salvador, with the country's Bitcoin Law coming into effect in September. At the same time, El Salvador began purchasing Bitcoin for its reserves, as a state-wide hedge against inflation to offset the country's reliance on U.S. dollar remittances. In No...
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