Bitcoin has brought $7 million in profits to El Salvador

President Nayib Bukele affirmed that the crypto asset will not be sold because the strategy is long term and it has allowed attracting investments and tourism to the country.

After the price of bitcoin reached more than $44,000 this week, President Nayib Bukele reported that the country’s profits skyrocketed and 100% of the investment made was recovered.

In a publication made on his social network, the president stated that the purchase made by El Salvador has generated profits of $7 million, so they do not currently expect to sell the digital asset, as this is a long-term strategy.

Bukele also indicated that since El Salvador adopted Bitcoin as a legal currency alongside the dollar, it began to generate other types of profits, such as, for example, thousands of enthusiasts began to arrive in the country from all over the world, which has meant an increase in tourism, investment, employment and improvement of local economies such as Bitcoin Beach.

“Although adoption is early, millions of Salvadorans have already used the money of the future and hundreds of thousands still do. A percentage of the population that was not banked was also banked and thousands of Salvadorans have also been able to save tens of millions of dollars in commissions for sending remittances,” explains a video shared by the president.

On the other hand, the adoption of the cryptocurrency has allowed the country to venture into bitcoin mining with surplus geothermal energy.

“Now instead of wasting it, it is used as a resource to increase the national reserves of the most valuable digital asset in the world; however, during all this time the international and local big media have placed thousands of biased and negative notes about the adoption of bitcoin and the country, especially every time the price goes down, but now that it is on the rise everyone is silent”, he indicated.

He also highlighted that some of the critics of the strategy assured that El Salvador would fall in default for investing in Bitcoin and that it would not have the capacity to pay its debts, “but the reality is the opposite”.

Bukele reaffirmed that El Salvador’s strategy is long-term term and the interest of having Bitcoin is not to sell it at the best price, but to have a guarantee for an uncertain global economic future where inflation, devaluation, and printing of currencies without backing reign, and thus the country is prepared to face a global economic crisis.

Furthermore, according to Government data, although the price of bitcoin is fluctuating, it has shown an upward trend since it was created, its value has increased 1,400 million percent since its first transaction when two pizzas were purchased for 10,000 bitcoins, which means that under the traditional analysis in dollars the longer it is held the greater its value is going to be in the long term.

Source: Diario El Salvador