El Salvador President Nayib Bukele Confirms No Bitcoin Sell-Off for Now

Sujha Sundararajan

Last updated:

February 29, 2024 05:02 EST | 1 min read

Source: MidjourneyEl Salvador does not have plans to sell its Bitcoin (BTC) reserves at present, the pro-crypto nation’s President Nayib Bukele confirmed Wednesday.

His remarks come after El Salvador’s Bitcoin holdings hit massive profit following Bitcoin’s notable increase in price recently. The crypto was trading around the $57,200 on Wednesday.

In a post on X (Twitter), President Bukele slammed the critics who wrote about El Salvador’s supposed losses when BTC price was low. He criticized the media’s alleged silence when El Salvador is seeing 40% gains in its crypto holdings.

When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.

Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…

— Nayib Bukele (@nayibbukele) February 28, 2024

“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” he wrote.

The country, which first started buying Bitcoin in September 2021, would see over 40% profits, if it were to liquidate its holdings today. “Now that Bitcoin’s market price is up, if we were to sell, we would make a profit of over 40%.”

Further, Bukele noted that the main source of the country’s BTC is through its citizenship program. El Salvador’s Congress, in December, reportedly approved a new migration law that will grant expedited citizenship to foreigners who make Bitcoin (BTC) “donations” towards government social and economic development programs.

El Salvador Has No Intentions to Sell Bitcoin Stash

The country’s Bitcoin investment portfolio totaled 2,798 tokens as of January, yielding an unrealized profit of $12.6 million. This development followed a December post on X by the President, revealing a profit of $3.6 million. He firmly said at the time, “of course, we have no intention of selling; that has never been our objective.”

He also noted in December that the fluctuating price of the cryptocurrency doesn’t affect El Salvador’s long-term strategy.

Reiterating the same stance, the president said Wednesday that El Salvador “won’t sell, or course; at the end 1 BTC = 1 BTC. This was true when the market price was low and it’s true now.”

President Nayib Bukele has been highly vocal against predictions by critics, speculators and media on the nation’s Bitcoin loses when the crypto was down.

“The authors of those hit pieces, the “analysts”, the “experts”, the “journalists”, are totally silent now. Remember this, next time they spill lies again about El Salvador.”

Follow Us on Google News