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Wall Street JournalEN
Nayib Bukele Hits Back At Naysayers After Bitcoin Bolts Past $110,000: 'They Said, Don't Take Screenshots, Take Profits' — Flaunts El Salvador's Neat Gains
Bitcoin's (CRYPTO: BTC) blistering rise past $110,000 has handed El Salvador another headline-worthy windfall, prompting President Nayib Bukele to fire back at critics with a screenshot of the country's Bitcoin treasury and the quip, "They said, ‘Don't take screenshots, take profits.'"
What Happened: Bukele's image, posted on X, pegs the nation's stash of roughly 6,180 BTC at $678 million—an unrealized gain of about $386 million, or 132%, on the $292 million the government has spent buying the dips since 2021. Bukele had posted a similar screenshot on May 19 after BTC had edged past the $105,000 mark.
His post landed shortly after Bitcoin shattered its prior record of $109,241 set on Donald Trump's Jan. 20 inauguration, sprinting to $110,700 overnight. Trading volume ballooned 76% in the past 24 hours, signaling heavy speculative interest as derivatives open interest also hit fresh highs.
See also: Unicoin CEO Alex Konanykhin Calls SEC Fraud Charges ‘Blatantly False,’ Vows To Fight In Court
El Salvador made Bitcoin legal tender in September 2021, a first for any nation, and has steadily averaged down on price despite International Monetary Fund pressure to limit exposure. The IMF's $1.4 billion program approved in March allows the country to keep a "strategic reserve" without adding Bitcoin to wider public-sector balance sheets, a loophole Bukele continues to exploit.
Why It Matters: Bitcoin's latest leg higher follows a U.S. Senate committee vote advancing stable-coin legislation and JPMorgan's surprise move to let clients buy the asset — developments analysts say highlight mainstream acceptance. Corporate demand remains a tailwind too. BTC treasury firm Strategy (NASDAQ:MSTR) added another $765 million worth of coins earlier in the week, lifting its trove above $63 billion.
Price Action: At the time of writing, Bitcoin was exchanging hands at $111,691.50, up 1.95% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: egaranugrah On Shutterstock.com