President Nayib Bukele, Announces El Salvador's Bitcoin Investment Of IDR 2 Trillion

El Salvador President Nayib Bukele (photo: x @nayibbukele)

JAKARTA - According to El Salvador President Nayib Bukele's upload on December 4, the state's cumulative investment in Bitcoin (BTC) currently reaches US$131 million (Rp2 trillion) where net profit of US$3.6 million (Rp55.8 billion), for a total profit of 2.84%.

"Of course, we don't intend to sell; it's never been our goal," Bukele said. "We are fully aware that prices will continue to fluctuate in the future; this doesn't affect our long-term strategy."

On December 1, Bukele resigned as president of El Salvador after obtaining approval from the country's Legislative Assembly, allowing him to take time off to focus on his 2024 re-nomination campaign.

During Bukele's first term as president, the Central American country bought BTC through the state treasury, starting in September 2021, with an initial investment of 10.3 million US dollars (Rp159.8 billion). However, the price of Bitcoin will soon fall more than 50% in the middle of the bear market.

Meskipun demikian, Bukele terus melakukan pembelian rata-rata dolar terhadap investasi Bitcoin negara, melakukan pembelian berulang sepanjang tahun 2022. Pada satu waktu, portofolio Bitcoin negara turun sejauh 45 juta dolar AS dari nilai buku sebesar 103,9 juta dolar AS.

In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. The International Monetary Fund (IMF) has since warned that the risk of Bitcoin on El Salvador "has not materialized" due to limited adoption in the country.

Next year, El Salvador plans to introduce Bitcoin education in public schools