El Salvador President Nayib Bukele’s bet on Bitcoin is looking good, with the country’s investments totaling more than $159 million and profits approaching $54 million.
The President of El Salvador announced in mid-November 2022 that the government would buy 1 Bitcoin per day. As of 10:57 a.m. EST, El Salvador had purchased about 2,380 Bitcoins at an average price of $44,300, worth about $159 million, while Bitcoin was trading at $66,973.
Bukele initially faced criticism for his decision, but he hit back strongly last month after the price of Bitcoin surged.
When bitcoin prices were low, “they wrote thousands of articles about our so-called losses,” he tweeted.
Bukele said the country had no intention of selling Bitcoin, and he said experts, analysts and journalists who had criticized the decision to buy Bitcoin were now "completely silent."
Bukele was recently re-elected as President of El Salvador for another five-year term.
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