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