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El Salvador President Nayib Bukele Lashes Out At Critics As Nation’s $131 Million Bitcoin Investment Turns A Profit

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Nayib Bukele
Nayib Bukele

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El Salvador President Nayib Bukele has lashed out at critics who had ridiculed the country’s purchase of Bitcoin and said they should apologize.

Bukele published a lengthy post on X on December 4 that said that if the country were to sell Bitcoin at the current price it would make a profit of around $3.6 million.

Bitcoin was then trading at $41,631. It’s climbed to $41,929 as of 8:46 a.m. EST time.

“Of course, we have no intention of selling; that has never been our objective,” he said. “We are fully aware that the price will continue to fluctuate in the future; this doesn’t affect our long-term strategy.”

Bukele Demands Retractions

Bukele has also urged those who published ”hit pieces“ criticizing the country’s BTC investments should retract their statements and offer apologies. He also wants these publications to admit that the country is making a profit.

“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one,” he said.

El Salvador’s Bitcoin Bet

El Salvador adopted Bitcoin as legal tender in 2021. In September 2021, the country made an initial investment of $10.3 million into BTC, but the price plunged by over 50% soon after amid an intense bear market.

In January 2022, the International Monetary Fund (IMF) urged El Salvador to halt using Bitcoin, saying it came with “large risks.”

Bukele remains unmoved by the pressure and plans to introduce Bitcoin education in state-run schools in 2024 if re-elected.

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