In the past few weeks, the cryptocurrency landscape has witnessed a significant surge in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and several others, experiencing a massive upside movement. The recent post by Nayib Bukele, the president of El Salvador, on X (formerly Twitter) has gathered everyone’s attention.
He demanded an apology from the journalist who trolled them and also blamed him for their losses in BTC.
El Salvador’s $36 million Crypto profit
This statement from the president came after the country’s current Bitcoin holdings not only recovered the entire investment but also showed a profit of $36 million, based on the latest Bitcoin price of $41,600. El Salvador’s decision to invest in Bitcoin has proven to be a lucrative move, disproving earlier reports of supposed losses.
This revelation from Bukele comes after numerous articles and commentaries had previously calculated losses solely based on Bitcoin’s market price at specific times. With the cryptocurrency’s current market value, El Salvador stands to make a substantial profit if they sell their current holdings, but as of now, they are not planning to do so. In the post on X, the president stated:
“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, but this doesn’t affect our long-term strategy.”
Also Read: El Salvador’s government bought Bitcoin with Covid relief funds
El Salvador’s government successfully stands strong
The government of El Salvador highlights that their intention was never to sell the Bitcoin holdings, understanding the intrinsic volatility of the cryptocurrency market. Despite fluctuations, the investment has proven successful, emphasizing the strength of El Salvador’s strategy.
The president also made a statement that critics and the authors who wrote negative articles and trolled El Salvador for their strategic crypto investment need to take another look, and stated:
“It is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses.”
Good journalism means admitting when you’re wrong or at least recognizing the positive changes. They need to correct their earlier views on El Salvador’s success and show the same enthusiasm for the positive developments as they did for the negative ones.
