El Salvador is a country in Central America. It\u2019s known for being the smallest and the most densely populated country in the region. El Salvador gained independence from Spain in 1821 and was part of the Federal Republic of Central America before becoming a sovereign nation in 1841.<\/p>\n
Geographically, it is bordered by Honduras to the northeast, Guatemala to the northwest, and the Pacific Ocean to the south. The country\u2019s capital and largest city is San Salvador. El Salvador\u2019s economy has historically been dominated by agriculture, but services and manufacturing have grown significantly in recent decades.<\/p>\n
El Salvador is also notable for being the first country in the world to adopt Bitcoin as legal tender, alongside the U.S. dollar, in September 2021. This move was part of an effort to boost the country\u2019s economy, encourage investment, and make financial services more accessible to its citizens. However, this decision has also been met with controversy and challenges, including criticism from international financial institutions and concerns about the potential impact on the country\u2019s financial stability.<\/p>\n
On 1 December 2023, Nayib Bukele resigned as the President of El Salvador. His resignation was approved by the country\u2019s Legislative Assembly, allowing him to focus on his 2024 re-election campaign. Claudia Rodr\u00edguez de Guevara succeeded him as the Acting President, with her tenure expected to last until June 2024. The next general election in El Salvador is scheduled for February 2024.<\/p>\n
On 4 December 2023, former President Bukele took to the social media platform X (formerly known as Twitter) to address El Salvador\u2019s stance on its Bitcoin investments. In his statement, Bukele proudly announced that El Salvador\u2019s Bitcoin investments are currently profitable. He pointed out that despite numerous critical articles and negative press focusing on supposed losses based on Bitcoin\u2019s market price at various times, the current market price has turned the tables in El Salvador\u2019s favor.<\/p>\n
Bukele detailed that if El Salvador were to sell its Bitcoin holdings at the current market price, not only would the country recover its entire investment, but it would also realize a profit of $3,620,277.13 USD. This figure represents a significant turnaround from the previously reported losses.<\/p>\n
Crucially, Bukele emphasized that El Salvador has \u201cno intention of selling\u201d its Bitcoin holdings. This statement underlines the country\u2019s long-term investment strategy in cryptocurrency, despite the known volatility and price fluctuations in the crypto market. Bukele\u2019s message reaffirms his administration\u2019s commitment to Bitcoin and its potential future value.<\/p>\n
In his communication, Bukele also addressed the media and critics of El Salvador\u2019s Bitcoin strategy. He challenged the authors of previous critical articles to retract their statements, offer apologies, or at least acknowledge the current profitability of El Salvador\u2019s Bitcoin investment. Bukele urged that true journalism should reflect this new reality with the same intensity as the previous negative reports.<\/p>\n