Once again, the valuation of bitcoin (BTC) has soared, exceeding the symbolic milestone of $40,000, for the first time since the start of the year. Obviously, this upward dynamic delights investors. Among these, El Salvador, which can rub its hands at seeing its crypto investments in BTC become profitable.
Bitcoin (BTC) generated 2.84% crypto profitability in El Salvador
It seems that all things considered, El Salvador’s foray into the bitcoin (BTC) ecosystem was not in vain. This choice has even proven lucrative with the recent price surge experienced by cryptos as a whole.
Nayib Bukele, the resigning president of El Salvador, revealed on Monday, December 4, that BTC acquisitions made by the State generated profit. This is a substantial gain of 2.84% which translates into $3.6 million in profits.
It is fundamentally a financial triumph for this American country which, in 2021, had the audacity to bet on bitcoin. This, by recognizing the flagship crypto as a legal tender currency in its territory.
This Salvadoran financial success must be linked to the particular resurgence of BTC. Over the last 24 hours, the valuation of the asset has increased by 6.52%! The queen of cryptos is currently worth around $42,370, a multi-month high. Perhaps El Salvador should consider getting rid of its holdings given the extreme volatility of cryptos.
No question of selling!
Welcoming this interesting crypto development for El Salvador, Nayib Bukele wanted to be clear. It is not in the country’s plans to consider shedding its BTC holdings. It is therefore out of the question that El Salvador sells its bitcoins (BTC).
“We have no intention of selling, that has never been our goal. We are fully aware that the price [du bitcoin, Ndlr] will continue to fluctuate in the future, but this does not affect our long-term strategy,” said Nayib Bukele on X, formerly Twitter.
This position seems to agree with the opinion of Alejandro Zelaya, the former finance minister responsible for overseeing the implementation of bitcoin. On X, the authority highlighted the government’s foresight, saying the recent rally vindicated its positions.
Ultimately, El Salvador’s decision to retain its BTC holdings rather than sell them demonstrates a strategic crypto approach. It is also a sign that the country has some confidence in the fluctuations of the crypto market. Some are seeing signs of a return to the bull market.
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