El Salvador: We Won’t Sell Bitcoin, Naysayers Should Apologize

President Nayib Bukele has taken to X to defend El Salvador’s Bitcoin (BTC) investment strategy, which the leader describes as “in the black.” As prices recover, Bukele now wants critics to acknowledge their misjudgments and apologize.

Is El Salvador’s Bitcoin Investment In The Green?

In a December 4 post on X, the president said that if they were to sell Bitcoin at current spot rates, presently above $41,500 and around fresh 2023 highs, the country would “recover all their previous investments and realize a profit of over $3.2 million.”

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Bitcoin is pushing higher when writing, trending in an almost parabolic path following sharp gains over the weekend that spilled on to December 4. Following today’s impressive run, the world’s most valuable coin soared over 170% from 2022 lows.

As per the candlestick arrangement, BTC has more upsides, with clear liquidation at around $48,000. Any extension of today’s gains towards 2021 peaks of about $70,000 would push El Salvador into profitability. 

Bitcoin price trending higher on the daily chart : Source: BTCUSDT on Binance, TradingView

According to the Nayib Tracker, El Salvador holds 2,762 BTC bought over the months at an average cost of $42,434.31. In spot rates when writing on December 4, this batch is worth $115,252,956.96, down from its actual value of $117,203,558.66 based on the average cost it was bought. Therefore, despite Bukele’s claim, El Salvador is down by over $1.9 million.

El Salvador Bitcoin portfolio | Source: Nayib Tracker

In the crypto winter of 2022, which spilled into early 2023, El Salvador, the first country to adopt Bitcoin as legal tender, was heavily criticized for its decision to double down on BTC. As prices spiraled lower, critics said the nation would face significant losses, pointing to the coin’s volatility.

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Even so, Bukele and El Salvador seem more resilient and continue to support BTC. The pro-Bitcoin leader maintains that buying the coin is part of their long-term investment opportunity and that they have no intention of selling.

“We have no intention of selling; that has never been our objective,” Bukele asserted on X. “Nonetheless, it is important that the naysayers and the authors of those hit pieces take back their statements.”

Bukele Takes Jab On Pessimistic Journalists And Naysayers

As Bitcoin prices rise, Bukele calls for journalistic integrity and accountability in reporting on El Salvador’s investment, urging equal coverage of gains and perceived losses. In the president’s view, “If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one.”

Multiple factors are buoying BTC in early December. Expectations of the first batch of spot Bitcoin ETFs and next year’s halving event seem to drive demand. Still, whether this run will continue next year remains to be seen.

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Feature image from Canva, chart from TradingView

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Author: Dalmas Ngetich

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