Last update:
February 29, 2024 5:02 am EST | 1 minute read
Source: Midjourney
El Salvador currently has no plans to sell its Bitcoin (BTC) reserves, the pro-crypto nation's President Nayib Bukele confirmed on Wednesday.
His comments came after El Salvador's Bitcoin holdings made huge gains following Bitcoin's recent notable price rise. On Wednesday, the cryptocurrency was trading around $57,200.
In a post on X (Twitter), President Bukele criticized the critics who wrote about El Salvador's alleged losses when the BTC price was low. He criticized the media's alleged silence while El Salvador saw a 40% increase in its crypto holdings.
When the market price of #Bitcoin was low, they wrote literally thousands of articles about our supposed losses.
Now that the market price of #Bitcoin has increased significantly, if we sold it we would make a profit of over 40% (from the market purchases alone), and our main source of BTC is now our…
– Nayib Bukele (@nayibbukele) February 28, 2024
“When the market price of Bitcoin was low, they wrote literally thousands of articles about our alleged losses,” he wrote.
The country, which first began buying Bitcoin in September 2021, would make a profit of over 40% if it liquidated its holdings today. “Since the market price of Bitcoin has now increased, we would make a profit of over 40% if we sold.”
Additionally, Bukele noted that the country’s main source of BTC is its citizenship program. El Salvador's Congress reportedly passed a new immigration law in December that will grant expedited citizenship to foreigners who make Bitcoin (BTC) “donations” to government social and economic development programs.
El Salvador has no intention of selling Bitcoin supplies
The country's Bitcoin investment portfolio totaled 2,798 tokens in January, resulting in an unrealized profit of $12.6 million. This development followed a post by the president in December on X that reported a profit of $3.6 million. He said firmly at the time: “Of course we have no intention of selling; That was never our goal.”
In December, he also noted that the fluctuating price of the cryptocurrency had no impact on El Salvador's long-term strategy.
The president reiterated the same stance Wednesday, saying El Salvador “of course will not sell; in the end 1 BTC = 1 BTC. That was true when the market price was low, and it remains true today.”
President Nayib Bukele has been vocal in his opposition to critics, speculators and media predictions that the country will lose Bitcoin as the cryptocurrency tanks.
“The authors of these hit articles, the “analysts,” the “experts,” the “journalists,” are now completely silent. Remember this the next time they spread lies about El Salvador.”
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