El Salvador Bitcoin finally profitable! Nayib Bukele unconstitutional but still running for re-election as president

Since announcing the adoption of Bitcoin as legal tender in 2021 and continuing to buy Bitcoin, Salvadoran President Nayib Bukele proudly declared on X that his holdings of Bitcoin have finally made a profit! Bukele also recently announced that he will take a six-month leave of absence to run for re-election as president.

El Salvador's #Bitcoin investments are in the black!

After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…

With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb

— Nayib Bukele (@nayibbukele) December 4, 2023

Bitcoin Holdings Earn $3.62 Million, Will Continue to Hold

According to a chart released by President Nayib Bukele, El Salvador has purchased 3,144 bitcoins with a cost basis of $40,479.81. At the current market price of $41,630.3, the unrealized profit is $3.62 million, with a return rate of 2.84%. However, Nayib Bukele stated:

We have no intention of selling; that has never been our goal. We are fully aware that future prices will continue to fluctuate, which does not affect our long-term strategy.

Running for Reelection Even if Unconstitutional

In late October, Nayib Bukele announced his candidacy for reelection amidst controversy over its constitutionality.

According to reports, the Salvadoran constitution prohibits presidential reelection, but a Constitutional Chamber of the Supreme Court elected by Bukele allies ruled in 2021 to allow his reelection and ordered the electoral court to permit it. The Salvadoran Congress also voted at the end of November to grant him a six-month leave of absence to campaign before next year's presidential election. During this time, the Congress will appoint an interim acting president.

Bukele proudly stated that during his term, a record of 500 days without any homicides has been achieved! He has also opened several libraries. Additionally, the most modern sports arena in Latin America, capable of accommodating 50,000 spectators, is currently under construction.