The Crypto Roundup: 05 December 2023 | CryptoCompare.com

Nayib Bukele, the former President of El Salvador who recently stepped down to focus on his 2024 re-election campaign, has revealed the country’s Bitcoin investments are worth over $130 million and are sitting on a net profit of $3.6 million.

Bukele noted on social media that El Salvador’s stance on its Bitcoin investments is that it has “no intention of selling” as that has never been its objective. Per Bukele, the country’s government is “fully aware that the price will continue to fluctuate in the future” but added this doesn’t affect its long-term strategy.

El Salvador became the first in the world to accept the cryptocurrency as legal tender, alongside the U.S. dollar, in September 2021 in an effort to boost its economy, encourage investment, and make financial services more accessible to its citizens.

Since then, the country has made numerous Bitcoin purchases throughout the bear market, with its Bitcoin portfolio at one point falling to $45 million from a book value of $103.9 million.

The country’s Bitcoin stash became profitable after a recent rise that saw BTC’s price surpass the $40,000 mark for the first time since May 2022.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/05/