El Salvador president Bukele still facing criticism, as the country’s Bitcoin investment is at loss
Reportedly Bitcoin haters are actively targeting the El Salvador president, as the country is in net loss with Bitcoin investment.
El Salvador is a bitcoin bull country, the first country in the world which adopted Bitcoin as a currency under the leadership of the country’s president Nayib Bukele in 2021. In this country, people can use Bitcoin & US dollar as a legal tender. For this decision, Bukele faced huge criticism because of the misinformation among the population & conspiracy theories by opposition leaders.
Currently, this country holds 3,124 BTC, with an average dollar cost of $40,496 per coin. At the current Bitcoin trade price, the country is in a loss of net $8 million.
Notebely country’s Bitcoin investment is profitable for those coins which were purchased this year.
In Jan of this year, Mr Bukele announced the purchase of 1 Bitcoin per day as the best move to invest in Bitcoin using the country’s treasury.
The latest tracked purchase of 372 bitcoins at $9.68 million has yielded a nearly 50% return on investment for this country.
The Bitcoin haters & opposition leaders are using these figures to criticise Bukele as a bad leader & bad decision to adopt Bitcoin as a currency and also called it a risky thing for the future of the economy of the country.
Notably, the decision by this country to purchase Bitcoin in the past was made at times when the price of Bitcoin was at its peak e.g. $65k, $43k. But at some times the country succeeded in buying below $17k and it seems that the country’s Bitcoin investment strategy improved significantly, as they took every dump as an opportunity while remaining calm during the big pumps in the price.
However, some Bitcoin haters & noobs are against Bukele but they are failing to understand how Bitcoin adoption helped the country to attract global tourism toward the country which contributed to the country’s GDP significantly. And also we can see how the country arrested criminals & gangsters from the country simultaneously so that tourists can feel safe in the country.
So here we can say that Bukele used his mind perfectly to give a better push to the country’s economy with the adoption of Bitcoin. But people are failing to look at the achievements the country achieved in the last 3 years with only Bitcoin despite huge economic downturn in the top economies.
Read also: Crypto Investors betting on $ADA amid Midnight Protocol hype
