El Salvador's Bitcoin portfolio swings to profit

According to a Dec. 4 post by El Salvador's President Nayib Bukele, the country's cumulative Bitcoin investments presently magnitude to $131 cardinal with a nett net of $3.6 million, for a full summation of 2.84%. 

"Of course, we person nary volition of selling; that has ne'er been our objective," said Bukele. "We are afloat alert that the terms volition proceed to fluctuate successful the future; this doesn't impact our semipermanent strategy."

On Dec. 1, Bukele resigned arsenic the President of El Salvador pursuing support from the country's Legislative Assembly, allowing him to instrumentality a permission of lack to absorption connected his 2024 re-election campaign. During Bukele's archetypal word arsenic president, the Central American state purchased Bitcoin via its nationalist treasury starting successful September 2021, with an archetypal concern of $10.3 million. However, the terms of Bitcoin soon collapsed by much than 50% amid the carnivore market.

Despite this, Bukele continued to dollar-cost-average the country's Bitcoin investments, making repeated purchases throughout 2022. At 1 constituent successful time, the country's Bitcoin portfolio fell arsenic debased arsenic $45 cardinal from a publication worth of $103.9 million. 

In 2021, El Salvador became the archetypal state to follow Bitcoin arsenic ineligible tender. The International Monetary Fund (IMF) has since warned that Bitcoin's risks to El Salvador person "not materialized" owed to limited adoption successful the country. Last December, Cointelegraph newsman Joe Hall traveled to El Salvador and attempted to wage for mundane services utilizing Bitcoin, with disappointing results. By adjacent year, El Salvador plans to present Bitcoin acquisition successful state-run schools. 

Related: Salvadoran pro-Bitcoin President Nayib Bukele launches reelection bid