Bukele says El Salvador’s bitcoins have 40% profit after price rebound

Photo of author

By LatAm Reports Editor

The price of bitcoin reached $60,000 and is close to its historical mark reported in November 2021.

El Salvador’s president, Nayib Bukele, said Wednesday that bitcoins purchased on behalf of the country would have a gain of 40 percent if they were sold at the current price of the cryptocurrency quotation, which in recent hours reached $60,000.

“Now that the market price of bitcoin has risen a lot, if we sold, we would get a gain of more than 40 percent (only from purchases on the market), and our main source of BTC is now our citizenship program,” the president wrote in an English publication on his X account.

The president again harassed analysts, experts and journalists who wrote “thousands of articles about our alleged losses” when the quote of bitcoin collapsed in the last two years.

Bukele reiterated that El Salvador will not sell its bitcoins, acquired since the legal tender was adopted in September 2021.

The Salvadoran government has not formalized how many bitcoins have been acquired with public funds, beyond the purchase publications shared by the president in his social media accounts. The portalnayibtracker.comcited by officials on previous occasions, he points out that El Salvador has 2,848 bitcoins, which cost $121.03 million.

At the current price of quote, these bitcoins are worth $176.6 million, a 45.9 percent higher.

The price of bitcoin came close Wednesday to its historic peak by surpassing the $60,000 barrier, its best performance in two years. At 11:30 a.m., the listing was still on the rise at $61,748 and is approaching its $69,000 reported in November 2021.

The increase stems from the market’s enthusiasm for the index fund (ETF) to bitcoin, which allows investors to make profits from the cryptocurrency without having to buy directly.

This article has been translated from the original which first appeared in Diario El Mundo