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El Salvador’s Bitcoin Holdings and President Nayib Bukele’s Stance
El Salvador’s President Nayib Bukele has confirmed that the country currently has no plans to sell its Bitcoin reserves, despite the recent surge in Bitcoin’s price.
Bitcoin Profit and Criticism
El Salvador’s Bitcoin holdings have seen significant profits as Bitcoin’s price reached around $57,200. President Bukele criticized the media for focusing on supposed losses when Bitcoin’s price was low, highlighting the country’s 40% gains in crypto holdings.
Bitcoin Investment Strategy
El Salvador began buying Bitcoin in September 2021 and currently holds 2,798 tokens, with an unrealized profit of $12.6 million. The country’s main source of BTC is through its citizenship program, where foreigners can obtain expedited citizenship by making Bitcoin donations.
President Bukele’s Stance
President Bukele reiterated that El Salvador has no intentions to sell its Bitcoin stash, emphasizing that “1 BTC = 1 BTC” regardless of market price fluctuations. He remains firm in the country’s long-term strategy with Bitcoin investments.
President Bukele has been vocal against critics and media speculation regarding El Salvador’s Bitcoin holdings, calling out those who spread misinformation about the country’s financial decisions.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
