President Nayib Bukele of El Salvador affirmed on Wednesday that the country currently has no intention to sell its Bitcoin (BTC) holdings. This statement follows a period of significant profit for El Salvador’s Bitcoin reserves amid the recent surge in Bitcoin’s price, with the cryptocurrency trading around $57,200.
Bukele addressed criticisms regarding supposed losses incurred by El Salvador during periods of low Bitcoin prices. He pointed out the media’s alleged silence regarding the nation’s substantial gains of over 40% in its crypto holdings.
El Salvador initiated its Bitcoin acquisition in September 2021, primarily through its citizenship program. In December, the country’s Congress approved a new migration law offering expedited citizenship to foreigners who contribute Bitcoin “donations” towards government development programs.
As of January, El Salvador’s Bitcoin investment portfolio stood at 2,798 tokens, yielding an unrealized profit of $12.6 million. Bukele reiterated the country’s stance of not intending to sell its holdings, emphasizing that “1 BTC = 1 BTC” regardless of market fluctuations.
Bukele has consistently pushed back against critics and media speculation regarding El Salvador’s Bitcoin holdings, stressing the nation’s long-term strategy remains unaffected by short-term market movements.