El Salvador's Bitcoin Investment 'In the Black,' Says President Bukele

The president of El Salvador took to the X platform early Monday morning to note his country's bitcoin [BTC] investment was now profitable by more than $3 million following the crypto's rally to the $42,000 area over the weekend.

"We have no intention of selling; that has never been our objective," he added. "We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy."

El Salvador's #Bitcoin investments are in the black!

After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time...

With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb

— Nayib Bukele (@nayibbukele) December 4, 2023

Based on public statements from Bukele, CoinDesk three weeks ago calculated that the country at that time owned roughly 2,744 bitcoins at an average price a bit lower than $42,000 and was sitting on a loss of about $16 million.