El Salvador’s President Nayib Bukele has confirmed that the country currently has no plans to sell its Bitcoin (BTC) reserves. This announcement comes as El Salvador’s Bitcoin holdings have seen significant profits due to the recent increase in Bitcoin’s price, with the cryptocurrency trading at around $57,200. President Bukele took to Twitter to criticize the media for focusing on El Salvador’s supposed losses when Bitcoin’s price was low and ignoring the 40% gains the country is now experiencing in its crypto holdings.
President Bukele emphasized that if El Salvador were to sell its Bitcoin holdings at the current market price, it would make a profit of over 40%. He also revealed that the main source of the country’s BTC is through its citizenship program. In December, El Salvador’s Congress approved a new migration law that grants expedited citizenship to foreigners who make Bitcoin “donations” towards government social and economic development programs.
El Salvador’s Bitcoin investment portfolio currently holds 2,798 tokens, which yielded an unrealized profit of $12.6 million as of January. This follows President Bukele’s previous announcement in December, where he stated that El Salvador had no intention of selling its Bitcoin holdings. He reiterated this stance by saying that El Salvador “won’t sell, of course; at the end 1 BTC = 1 BTC.”
President Bukele has been vocal in criticizing critics, speculators, and media outlets for their predictions on El Salvador’s Bitcoin losses when the cryptocurrency was experiencing a downturn. He called out these individuals and organizations for their silence now that El Salvador is seeing significant gains in its crypto holdings.
In summary, here are the key points from this article:
– El Salvador has no plans to sell its Bitcoin reserves at present.
– The country has seen significant profits from its Bitcoin holdings due to an increase in Bitcoin’s price.
– President Nayib Bukele criticized the media for focusing on supposed losses when Bitcoin’s price was low and ignoring the gains El Salvador is now experiencing.
– El Salvador’s BTC holdings would yield over 40% profits if sold at the current market price.
– The main source of El Salvador’s BTC is through its citizenship program, where foreigners can gain expedited citizenship by making Bitcoin “donations.”
– El Salvador currently holds 2,798 Bitcoin tokens, with an unrealized profit of $12.6 million.
– President Bukele reiterated that El Salvador has no intention of selling its Bitcoin holdings.
– He called out critics, speculators, and media outlets for their silence now that El Salvador is seeing gains in its crypto holdings.
🔥 Hot Take 🔥
El Salvador’s President Nayib Bukele has confirmed that the country has no plans to sell its Bitcoin reserves. This announcement comes as a response to critics who focused on El Salvador’s supposed losses when Bitcoin’s price was low. President Bukele highlighted the significant gains the country is now experiencing in its crypto holdings. With over 40% profits expected if the holdings were sold at the current market price, El Salvador remains committed to its long-term strategy of holding onto its Bitcoin. Critics and media outlets have been called out for their silence now that El Salvador is seeing positive returns on its crypto investment.
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