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The current outlook of Bitcoin price has turned the table around for several Bitcoin critics who previously mocked investors. One of these investors, El Salvador President Nayib Bukele has taken to X to rub it in their faces.
Critics Mock Bitcoin Price Dump
Bitcoin started this year on a high note with a gradual price rally which boosted the confidence of investors in the flagship cryptocurrency. The crypto industry saw the price of BTC move from around $15,000 in November 2022 to $17,248.75 in January 2023 after a more than 1.97% increase at the time. The Bitcoin price rally continued stealthily until it went past $20,000.
In no distant time, a few events took place that threatened the price gain of the leading coin. The largest holder among non-traditional crypto firms MicroStrategy released its Q4 2022 earnings report which shows quarterly loss and this triggered a price dump for Bitcoin. Precisely, Bitcoin’s price fell to a low of $23,439 after hitting a high of $24,091. The next few months saw a further price dip for Bitcoin.
Consequently, the outlook of the BTC market drew some unnecessary attention to the coin. Many core Bitcoin critics ridiculed investors’ losses while publishing articles to emphasize their opinion. Justin Bons, a long-standing cryptocurrency expert who is known for his bold opinions, labeled Bitcoin a technological failure.
Bitcoin is currently trading at $41,474.76 with a 4.53% increase in the last 24 hours. Bukele confirmed that with the present market price of the coin, El Salvador’s BTC investment has recovered up to 100% of its previous loss and even gained more than $3 million in profit with an All-Time gain of 2.84%.
El Salvador's #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Drawing from the post from Bukele, the country’s BTC portfolio is at over $130,888,791.48.
El Salvador Has no Plans to Sell its BTC Stash
Nayib Bukele reiterated the fact that the nation has no plans to sell its BTC holdings as that was never part of the objective from the beginning.
Bukele acknowledged that crypto prices are volatile and will continue to fluctuate but at the same time, El Salvador plans to keep up with its Bitcoin strategy just like business intelligence and software firm MicroStrategy.
“It is important that the naysayers and the authors of those hit pieces take back their statements. The responsible thing to do would be for them to issue retractions, offer apologies, or, at the very least, acknowledge that El Salvador is now yielding a profit, just as they repeatedly reported that we were incurring losses,” he said.
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