President Nayib Bukele used his social media platform X to tweet about Bitcoin and El Salvador’s huge Bitcoin reserves. El Salvador attracted the world’s attention when it legitimized the use of Bitcoin alongside the US dollar in September 2021.
In a bold statement, El Salvador President Nayib Bukele said that the country will not sell bitcoins, emphasizing the principle that “1 BTC will equal 1 BTC in the end.” President Bukele also highlighted that there is a possibility of making profits of more than 40% if the country sells its bitcoins if they are tied to the market value.
Bukele took on X to post the following:
“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 citizenship program. We 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); but it’s very telling that 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.”
President Bukele: “El Salvador Will Not Sell its Bitcoin”
Bukele referred to the past incident that El Salvador had when the price of Bitcoin was not yet stable. He claimed that back then, many media publications misreported the country’s BTC fund investments and wrote thousands of articles about their losses. But now, due to the growth of the bitcoin market, Bukele noted that the profits will be more than 40% from the purchase in the market alone.
El Salvador’s Main Source of Bitcoin is the Citizenship Program, Says the President
Bukele said his main source of Bitcoin is El Salvador’s citizenship program. On December 21, 2023, El Salvador’s Congress approved a new immigration law that will grant accelerated citizenship to foreigners who make “donations” of Bitcoin (BTC) for government social and economic development programs.
Regardless of the expected profit, Bukele emphasized that they “will not sell; in the end, 1 BTC = 1 BTC. This was true when the market price was low, and it is true now.” The president pointed out that those critics and media channels that previously wrote negatively about Bitcoin adoption in El Salvador are now silent.
El Salvador Will Continue with Bitcoin as Legal Tender
In the end, it is El Salvador’s openness to Bitcoin adoption and its willingness to step forward and be leaders in this new technology that inspires cryptocurrency enthusiasts.
Nayib Bukele was re-elected again as president with 87% of the votes in his favor. The government of El Salvador plans to launch bond-backed Bitcoin in early 2024 and is going to begin construction of Bitcoin City, the tax-free crypto land proposed by President Bukele.
Despite the success of Bitcoin in El Salvador, the IMF has been at the forefront of warning El Salvador about the potential repercussions of adopting Bitcoin as legal tender, forcing the country to stick to its cryptocurrency efforts.
President Bukele’s firm decision to continue owning El Salvador’s Bitcoin amid market fluctuations is an indication of the country’s resolve toward cryptocurrencies. With its excellent plan for Bitcoin City, supporters are eagerly awaiting the positive development of El Salvador, actively attracting the attention of the whole world.
By Leonardo Perez
