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El Salvador’s Bitcoin Investments Turned Profitable, Bukele Says

El Salvador’s Bitcoin investments turned profitable after the recent rally in the cryptocurrency, according to Nayib Bukele, who is running for reelection. 
El Salvador’s Bitcoin Investments Turned Profitable, Bukele Says Logos for Binance Coin, top, Ether, left, and Bitcoin inside a cryptocurrency exchange in Barcelona. (Photo: Angel Garcia/Bloomberg)
Bloomberg
By Bloomberg
4 Dec 2023
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Bukele, who stepped down as president last week to focus on the campaign, said on X the country’s Bitcoin investments are up 2.84%, netting the country $3.6 million in profit. He said the government has no intention of selling its Bitcoin and will hold its position as part of a long-term strategy.

The price of Bitcoin rose above $42,000 on Monday, extending its rally this year to more than 150%. El Salvador was the first country in the world to adopt Bitcoin as legal tender in 2021. Former Finance Minister Alejandro Zelaya, who oversaw Bitcoin’s implementation, said Sunday on X the rally vindicates the government’s decisions.

Bukele leads polls ahead of a February presidential election having slashed crime by jailing tens of thousands of alleged gang members. If he wins, he would be sworn in to a second five-year term in June.

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