Bitcoin price surpasses $41,000 and boosts El Salvador's profits

President Nayib Bukele indicated in X that if the country sells its reserves it would recover 100% of its investment, in addition, it would obtain a profit of $3,620,277.13, but the president remains firm with his bet.

After staying in a range of $34,154 at the beginning of 2023, the bitcoin, a legal tender in the country, shook the crypto market early Monday morning after reaching $42,073, a difference of $7,919. The digital asset had not surpassed $40,000 since April 2022.

This same morning, President Nayib Bukele indicated on the social network X that with the current market price of Bitcoin, by selling its reserves El Salvador would recover 100% of its investment, but would also obtain a profit of $3,620,277.13.

In an image shared by the president, it can be seen that currently, El Salvador’s portfolio with its bitcoin volume reaches $130,888,719, with a price in dollars of $41,631.30 per coin.

But the president made it clear, in the same post, that the government is not considering selling its bitcoin assets. “Of course, we have no intention of selling; that has never been our goal. We are fully aware that the price will continue to fluctuate in the future, this does not affect our long-term strategy,” he said.

However, Bukele’s statement continues, “The detractors and authors of these critical articles must retract their statements. The responsible thing would be for them to retract, offer apologies, or at least acknowledge that El Salvador is now making a profit, just as they repeatedly reported that we were suffering losses.”

This last statement alludes to a series of publications in national and international media claiming that the current government would be registering losses with its bet. The strategy was even ridiculed.

“If you consider yourselves true journalists, you should report this new reality with the same intensity with which you reported the previous one”, challenged the president. Meanwhile, according to specialized media, this rise in the price of the crypto-asset is due to “bets from a big player”, after reporting that the bullish behavior was driven by $200 million in short liquidations over the weekend.

Source: Diario El Salvador