| 2 March 2024, Saturday |

El Salvador’s Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally

El Salvador’s investments in Bitcoin have reportedly yielded significant profits, benefitting from the recent surge in cryptocurrency value. Nayib Bukele, the incumbent president and a candidate seeking re-election, revealed this information.
Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country’s Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million.

Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings.
The surge in Bitcoin’s value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender.

Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members.

If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June.

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