El Salvador’s President, Nayib Bukele, is once again in the news for his bold investments in the cryptocurrency market. It has been reported that Bukele is considering investing in Pi Coin, a relatively new cryptocurrency that has garnered a lot of attention in recent months.
I can't risk this, you invested in Bitcoin now I heard it may soon be Pi Network Coin. Using your country's resources 😂😂 pic.twitter.com/6Ow4LY2Xzs
— Obi Cubana (@ChiefObiCubana) May 8, 2023
According to rumors, the President, Bukele is a firm believer in the future of cryptocurrencies and sees them as a viable investment opportunity for El Salvador. He has been investing public funds in cryptocurrencies since last year, including Bitcoin, Binance BNB, and Litecoin, despite facing massive losses due to the volatility of the market.
Bukele’s investments have come under criticism from many quarters, including the opposition, who argue that public funds should not be used for speculative investments. However, Bukele remains undeterred and continues to invest in cryptocurrencies, citing their potential for growth and future value.
Last year, Bukele announced that he had spent $1.5 million to buy 80 BTC at $19,000 per coin. He also tweeted that Bitcoin is the future and thanked those who sold it cheap. Prior to this latest announcement, he had invested $104 million to buy 2,301 BTC at an average price of $45,171, according to his own tweets.
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
Thank you for selling cheap 😉 pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
Despite these investments, the recent dip in the cryptocurrency market has resulted in significant losses for El Salvador. Lasty, when Bitcoin fell to $19,000, the country’s Bitcoin stash was worth $43,719,000, implying losses of about $60.2 million.
Bukele’s decision to invest in Pi Coin has raised eyebrows, as the cryptocurrency is relatively unknown and untested in the market. However, supporters of the President argue that his investments in cryptocurrencies demonstrate his forward-thinking approach to the country’s economic future.
While the debate around Bukele’s investments in cryptocurrencies continues, it is clear that he remains committed to his strategy of investing public funds in the volatile market. Only time will tell whether his vision for the future of El Salvador’s economy will pay off.
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