El Salvador Bitcoin profits soar over 40%, President Nayib Bukele asks: Where are the critics now?

Salvadoran President announced that El Salvador's Bitcoin holdings have appreciated by 40%, emphasizing that they will not sell Bitcoin and condemning the continuous reporting on losses during bear markets.

Salvadoran President: Will Never Sell Bitcoin

In a tweet, Nayib Bukele stated:

"When the price of Bitcoin was low, they wrote thousands of reports about us being in the red. Now that the price has gone up a lot, if we were to sell, we would make over 40% profit.

Bitcoin comes mainly from our citizen plan, of course, we will not sell. In the end, 1 BTC = 1 BTC, that's how it is when the market price is low, and that's how it is now.

But what this can explain is that those popular reporters, analysts, experts, and journalists who released false reports about El Salvador are now completely silent. Remember this the next time they release fake reports about El Salvador."

When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.

Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…

— Nayib Bukele (@nayibbukele) February 28, 2024

Gold Bug Peter Schiff: Sell Before Talking About Profits

The famous gold supporter and Bitcoin critic Peter Schiff commented on a tweet, suggesting that Nayib Bukele should sell Bitcoin before discussing profits.

The exchange Kraken stated:

"You have a vision and persist, thank you for being a pioneer for Bitcoin and accelerating adoption!"

El Salvador's Bitcoin Holdings Turn from Loss to Profit

Last December, Nayib Bukele referenced data from the tracking platform NAYIB BUKELE PORTFOLIO TRACKER, stating that El Salvador's Bitcoin holdings had turned from a loss to a profit. Including the daily Bitcoin investments announced by Nayib Bukele previously, the total holdings have reached 2,849 coins.

Based on this data, the holdings are as follows:

• Total Holdings: 2,849 coins

• Holding Value: $174 million

• Average Cost: $42,504 per coin

• Holding Profit: $53.36 million, approximately 44.07%

However, these data should be taken as reference only, as all purchase data comes from Nayib Bukele's tweets on social media. Whether there were purchases, whether there were actual daily investments, and whether the Bitcoin is still in existence, seems to be known only by him.

El Salvador's Bitcoin finally made a profit! Nayib Bukele violates the constitution but still seeks re-election as president