Bukele Declares Victory as El Salvador's Bitcoin Gamble Pays Off, But Critics Say It's Too Soon to Celebrate
• El Salvador's president, Nayib Bukele, has spent over $120 million of public funds to buy bitcoin when its price was lower. Now that bitcoin's price has risen, those coins are theoretically worth a few million more than he paid.
• Bukele is declaring victory over critics who said his bitcoin bet was too risky. But some economists say it's still too early to celebrate, given the overall costs and lack of bitcoin adoption in El Salvador.
• Only a small portion of the public money spent promoting bitcoin went to directly buying coins. Much more went to things like bitcoin subsidies and infrastructure projects that have had limited success.
• There is little transparency around El Salvador's bitcoin reserve - no public accounting of the purchases or current value. Bukele's office does not provide formal information.
• Bukele plans to continue investing in bitcoin as an alternative reserve asset. He believes it offers independence from national currencies and traditional reserves like gold that decline in value.