El Salvador’s Bitcoin Bet: President Bukele Vows Not to Sell Amid Market Highs

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In a bold statement, the president of El Salvador, Nayib Bukele, said that the country will not sell bitcoin, stressing the principle that “1 BTC will equal 1 BTC at the end.” President Bukele also exclaimed that there is a potential for a profit of over 40% if the country sells its bitcoin if it pegs to the market value.

El Salvador won’t sell its Bitcoin, stresses President Bukele

President Nayib Bukele used his social media platform X to tweet about Bitcoin and El Salvador’s enormous Bitcoin reserves. El Salvador steered the world’s attention when it legitimized the usage of Bitcoin next to the US dollar in September 2021.

Bukele referred to the past incident El Salvador had when the price of Bitcoin was not yet stable. He stated that back then, many media publications misreported on the country’s BTC funds investments and wrote thousands of articles on their losses. But now due to the bitcoin market growth, Bukele pointed out that the profits will be more than 40% from the market purchase alone.

El Salvador’s main source of Bitcoin is the citizenship program says President

Mr. Bukele said that their main source of Bitcoin is the El Salvador citizenship program. On December 21, 2023, El Salvador’s Congress approved a new migration law that will grant expedited citizenship to foreigners who make Bitcoin (BTC) “donations” towards government social and economic development programs.

Coming back to the tweet, regardless of the expected profit, Bukele emphasized that “We won’t sell; at the finality, 1 BTC = 1 BTC — this was true when the market price was low, and it’s true now.” The president directed those critics and media channels that previously wrote negatively about El Salvador’s Bitcoin adoption are now quiet.

El Salvador to continue Bitcoin as its legal tender

In the end, it is El Salvador’s openness to the adoption of Bitcoin and its willingness to step up and be leaders in this new technology that inspires crypto enthusiasts.

Nayib Bukele was again reelected as the president with 87% votes in his favor. The government of El Salvador plans to launch bond-backed Bitcoin in early 2024 and is going to begin the construction of Bitcoin City, the tax-free crypto land, which was put forth by President Bukele.

Despite El Salvador’s Bitcoin success, the IMF has been at the forefront warning El Salvador about the possible repercussions of adopting Bitcoin for its legal tender, compelling the country to stick to its cryptocurrency endeavors. 

President Bukele`s firm choice to continue owning El Salvador’s Bitcoin amid the market fluctuations is an indication of the country’s determination on cryptocurrency. With its outstanding plan for Bitcoin city, well-wishers are eagerly waiting for the positive development of El salvador actively attracting attention from all over the world