Bitcoin surpassed $42,000 on Monday after nearly 20 months, drawing attention from El Salvador’s President Nayib Bukele, who highlighted his country’s crypto investment amid these significant gains.
Bukele shared a snapshot of El Salvador’s bitcoin portfolio on X, expressing their profitability with the current surge, estimating a profit exceeding $3.6 million. The 42-year-old leader asserted that El Salvador doesn’t plan to sell anytime soon, aligning with long-term goals.
He emphasized that despite future price fluctuations, they maintain a steadfast long-term strategy and suggested that skeptics, including journalists, owe apologies for doubting their investment decision.
The momentum in bitcoin’s price surge, exceeding 150% year-to-date, has been fueled by investor anticipation of potential Federal Reserve interest rate cuts. Crypto-associated stocks like Coinbase, MicroStrategy, and Riot Platforms have also witnessed over 200% gains.
Additionally, positive sentiment stems from expectations around the possible approval of a spot bitcoin ETF and the upcoming bitcoin halving event projected for April 2024.