'I Told You So': Bukele Takes Victory Lap as El Salvador Bitcoin Stash Hits $100 Million Profit
To be clear: El Salvador hasn't sold any of its Bitcoin. But if it did, it would be sitting on a hefty profit.
El Salvador has been stockpiling Bitcoin since 2021, the same year the country made the orange coin legal tender. With Bitcoin’s recent spike in value, El Salvador’s President Nayib Bukele took to Twitter to brag, as the country hit $100 million of unrealized profit.
“I told you so,” Bukele said on Twitter.
This comes after the President faced backlash for integrating Bitcoin so directly into El Salvador’s economy. In 2022, The International Monetary Fund (IMF) warned Bukele that Bitcoin could destabilize the nation’s economy. Later that same year, Bloomberg claimed the country’s Bitcoin experiment had failed, with the President pushing back saying the article was “full of lies.“
Now two years later, according to SpotOnChain, the country’s Bitcoin holdings are currently valued at $516.43 million with $100.65 million of that being unrealized profit—that’s just shy of a 20% profit margin.
For note, unrealized profit is simply the difference between the price at which an asset was bought and its current value, this figure fluctuates with price movements. On top of this, it is rare that this much capital can be all sold at once. If they tried, El Salvador would experience ‘slippage,’ resulting in less than $100 million worth of profit.
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Me when talking to my family about cryptocurrency in general: "I told you!"