The significant downturn in the cryptocurrency markets for about 1.5 years has caused much distress and sleepless nights for investors. However, now with the BTC price well above the $15,500 low point, smiles are returning to faces. Among those pleased with the recent rally is a head of state. Naturally, today’s focus is on El Salvador.
El Salvador’s Bitcoin Investment
In 2021, El Salvador’s President Nayib Bukele expressed his faith in cryptocurrencies and recognized Bitcoin as legal tender despite all criticism. Moreover, he made substantial investments from the state treasury. We have seen significant steps being taken, including long-term mining. Despite finger-wagging from various authorities, including the IMF, Bukele has not wavered in his belief.
Today, Nayib Bukele wrote on his social media account:
“After thousands of articles mocking our so-called losses and ridiculing us based on Bitcoin’s market value at the time, let’s look at today…
If we were to sell our Bitcoin at the current market price, we could make a profit of $3.6 million. Of course, we have no intention of selling. That was never our goal. We are fully aware that the price will continue to fluctuate in the future, and this does not affect our long-term strategy.
Nonetheless, it is important for the opposition and the authors of these hit pieces to retract their statements. The most responsible thing to do would be to publish retractions, apologize, or at the very least, acknowledge that El Salvador is now making a profit, just as they reported our losses repeatedly.
If they consider themselves real journalists, they should cover this new reality with the same intensity as they did the previous one.
We shall see… Keep watching us!”
Is It Time to Buy Bitcoin?
The periods when everyone rushes to buy Bitcoin are generally when the ATH (all-time high) level is approaching. When people start saying it’s trash, that’s when we see the price hit rock bottom. November 2021 and November 2022 clearly demonstrated these contrasts to investors who managed to stay in the game. What’s interesting is that despite experiencing the same patterns every four-year cycle, mainstream media persistently tries to kill Bitcoin.
If Bitcoin is not headed for a major and surprising crash and if all countries worldwide are not going to cooperate to make it disappear, it could set a new ATH in the next two years. And when we reach the peak, historically, we will see articles claiming it is a bubble. At the bottom, death notices will be published again.
