Summary
El Salvador President Nayib Bukele defended his nation’s embrace of Bitcoin, claiming a 40% profit if they were to sell today. Despite criticism from the IMF and media, Bukele remains committed to holding onto Bitcoin. He recently won re-election with overwhelming support and has been praised for reducing gang violence in the country.
Key Points
1. El Salvador President Nayib Bukele claimed his country would have made a 40% profit if Bitcoin were sold today, as the cryptocurrency came within 12 percent of its all-time high.
2. The Nayib Bukele Portfolio Tracker indicates that El Salvador is holding 2,848 Bitcoin, worth $173 million at current prices, despite earlier overstatements of the nation’s profits in December.
3. Bukele has faced criticism from the media and the International Monetary Fund for adopting Bitcoin as legal tender, but he remains committed to holding onto the nation’s BTC reserves, stating “1 BTC = 1 BTC” and showing no intention of selling.