thecryptobasic.com
El Salvador President Nayib Bukele has continued to taunt international mainstream media in hopes of getting acknowledgment for the country’s Bitcoin (BTC) gains.
Under Nayib Bukele, El Salvador became the first country in the world to officially recognize Bitcoin as a legal tender on September 7, 2021. The move at the time was followed by Bitcoin purchases that triggered backlash from various international organizations, including the World Bank.
Besides bodies like the World Bank and International Monetary Fund, international mainstream media has always been critical of El Salvador’s move, a trend that has slowed following the visible profitability.
Long Wait for Acknowledgment
Historically, international media have been swift in calling out El Salvador when the country’s debt profile looks unpleasant, underscoring how its Bitcoin bet was a wrong move. However, with the tables turning in recent times, there has been deafening silence.
In his latest comment, Nayib Bukele utilized a collage featuring renowned comic actor Rowan Atkinson (Mr. Bean) to convey his anticipation for global recognition of El Salvador’s Bitcoin gains.
😴 https://t.co/dehlnPfeKC pic.twitter.com/oS0aEB7piK
— Nayib Bukele (@nayibbukele) March 5, 2024
Per data from the Nayibtracker platform, the country’s Bitcoin portfolio is now worth $190,906,842.65, up by 57.25% all time. From indications, the El Salvador Bitcoin bet has paid off with a profit now pegged at about $74,885,965, adding the country’s wallet to one of the 99% of holders in profit at the moment.
Time to Brag
El Salvador, alongside MicroStrategy, received intense backlash from Bitcoin critics amid the crypto winter that plunged the price of the coin down to a low of $15,782.2 on November 22, 2022.
With El Salvador exploring investments in Geothermal Bitcoin mining, Nayib Bukele has more lofty ambitions for the cryptocurrency, and with the sustained price rally, it may pay off in the long run.