News - El Salvador's choice of Bitcoin seems to be paying off

By Luc Vesters

El Salvador's choice of Bitcoin seems to be paying off

Bitcoin (BTC)
Bull run

On Sept. 7, 2021, El Salvador introduced Bitcoin as its official national currency under the presidency of controversial Nayib Bukele and began filling the Central American country's treasury with the digital gold.

The investment strategy seemed to work until the cryptocurrency hit an all-time high shortly thereafter. The all-time high was followed by an endless drought, making Bukele and his Bitcoin bet quite unpopular.

Yet he was re-elected despite his Bitcoin bet. But in view of the current crypto rally, even that is paying off. Bukele himself writes on X that - if he were to sell - he would currently earn a 40 percent profit on his country's Bitcoin investments.

Thanks to the current Bitcoin exchange rate, El Salvador's Bitcoin investments are worth the equivalent of US$60 million. At the time of writing, the rate stands at US$62,722 and has peaked at US$63,636 in the past 24 hours, making the all-time high in many countries around the world has been broken.

Bitcoin critic Peter Schiff did not leave this without comment, writing below, "Talk about those profits after you have sold and realized them." The Salvadoran president didn't leave it at that and replied: "Cry about it." - along with a kiss emoji.

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