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Business News/ Markets / Cryptocurrency/  El Salvador's Bitcoin investments in $3.6 million profit, claims President Nayib Bukele: ‘No intention to sell….’
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El Salvador's Bitcoin investments in $3.6 million profit, claims President Nayib Bukele: ‘No intention to sell….’

Nayib Bukele cleared that the government has no intention to book the profits and said that he is aware the the prices of Bitcoin will continue to fluctuate

El Salvador's President Nayib Bukele delivers a speech (AFP)Premium
El Salvador's President Nayib Bukele delivers a speech (AFP)

Cryptocurrency Bitcoin is witnessing a fresh rally and remains at its highest levels since April 2022, but the recovery is still far from the all-time high level. The recent surge, however, is enough to spread optimism around Bitcoin with El Salvador President Nayib Bukele claiming that the Bitcoin investment of the country is in profit of $3.6 million. Nayib Bukele cleared that the government has no intention to book the profits and said that he is aware that the prices of the cryptocurrency will continue to fluctuate.

Also Read- Bitcoin strikes 19-month high of $41,000: What's driving this surge?

“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 USD (as of this moment)," El Salvador President said in a long post on X, where he also took a jibe at people who criticised the regime of the country for its investments in the unregulated cryptocurrencies.

“Of course, 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. Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses," President Nayib Bukele added.

Bitcoin surges to highest levels since April 2022

Bitcoin prices experienced a 4% surge on Monday, reaching $41,598.0, its highest value since April 2022. This upward trajectory can be attributed to growing optimism surrounding potential reductions in US interest rates, coupled with speculation among traders anticipating the imminent approval of Bitcoin funds traded on the US stock market.

"The impact of an (ETF) approval is going to be big in terms of investment appetite because it's going to be more easily regulated, more attractive and easier to invest," Ipek Ozkardeskaya, senior market analyst at Swissquote Bank told news agency Reuters. 

"What we have right now is a risk rally, and bitcoin is also benefiting big time by falling yields. There is also this positive bullish sentiment into next year because it is going to be the year of halving," Ozkardeskaya added. 

 

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ABOUT THE AUTHOR
Devesh Kumar
I cover politics, geo-politics, economy, and technology and have keen interest in understanding and analyzing the complex issues that shape our world. I am committed to delivering well-researched, balanced, and thought-provoking stories that provides insights into the key trends and developments.
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Published: 04 Dec 2023, 08:20 PM IST
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