Earlier today, President Nayib Bukele of El Salvador hit back at critics after a profitable turnaround in the country’s Bitcoin investments.
Amid Bitcoin’s exciting comeback, El Salvador’s controversial bet on the cryptocurrency appears to be paying off.
“Take Back” Your Statements, Bukele
In a post on the social media platform X (formerly Twitter), the Salvadoran President announced that El Salvador’s BTC adoption is profitable. The President noted that if the country sold its Bitcoin holdings with the prevailing market price, it would earn $3,620,277.13 in profits.
However, Bukele explained:
“Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
When Salvador began the Bitcoin journey, President Bukele was swarmed with criticism from journalists and financial analysts.
President Bukele called out critics in his short post, particularly journalists, who quickly highlighted when BTC prices dipped. Bukele argued that the pundits must now “Take Back Their Statement,” retract, apologize and acknowledge El Salvador’s profits.
He also said:
“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one.”
Bitcoin’s Price Action
Bitcoin is on fire today, gaining a massive 5.24% value over the past 24 hours. The coin, which trades at $41.7K, was trading below the $39.5K mark for most of yesterday. However, about 19 hours ago, Bitcoin crossed the $40K mark before dropping slightly. BTC resumed its growth, hitting the $41K mark about 10 hours ago.
About four hours ago, the coin briefly surged past the $42K mark before slightly retreating. When writing this report, the coin is trading at $41.86K, hoping to hit the $42K mark again.
Analysts note that the next price target for BTC is between the $45K and $48K range. Just recently, Mike Novogratz of Galaxy Digital highlighted that Bitcoin could hit old highs with ETF approval.
