El Salvador’s investment in Bitcoin in profit, President Nayib Bukele says

With Bitcoin price breaking above $41,000 on Monday – it did briefly touch $42,000 – many wallets are in profit. Indeed, on-chain data shows more than 80% of Bitcoin holders are now profitable after the price crossed the $41k mark.

Amid the overall market exuberance, El Salvador’s President Nayib Bukele has taken to X (formerly Twitter) to give an update of the country’s investment in the flagship crypto asset.

El Salvador’s Bitcoin bet in profit

According to President Bukele, at the current BTC price above $41k, the country’s investment in the asset is now profitable. Specifically, the world’s first sovereign nation to adopt Bitcoin as legal tender has not only recovered 100% of its initial investment, but could also make more than $3.6 million in profit if they were to sell their BTC at current value.

Bukele posted on X on Monday, December 4, 2023:

A chart showing El Salvador’s portfolio that the president attached indicates the country’s total holding as at the time of the post was $130,888,791.48. At a BTC price of $41,631.30, the holdings were 2.84% up, with the dollar cost average price at $40,479.81.

President Bukele has criticised the negative commentary that surfaced in the wake of the country’s investment and the decline in BTC price during the bear market.

The El Salvador leader has called on “naysayers” to report on the fact that the country’s BTC is “now yielding profit,” with the same vigour shown during the negative “hit pieces”.

Bukele’s comments come as bullish sentiment around Bitcoin and crypto continues to ramp up, particularly ahead of a potential approval of a first Bitcoin spot ETF in the US and the upcoming halving. Analysts, including from Standard Chartered, have recently predicted BTC price could hit $50k in 2023 and $120k by the end of 2024.

If this happens, El Salvador’s Bitcoin bet could be worth much more profit. The benchmark crypto currently trades around $41,380, up 4% in the past 24 hours and 12% this past week.