President Bukele Vows Not to Sell Bitcoin Despite Sizeable Profits

The volatile nature of the crypto assets evoked mixed thoughts among the key industry players. On X, some of the investors expressed concerns about whether El Salvador’s Bitcoin bid will materialize. 

Responding to the X post, the President of El Salvador, Nayib Bukele, argued that Bitcoin investment was still a viable opportunity for the country. President Bukele argued that if El Salvador sold all the crypto, it would make a profit of 40%. 

Bitcoin Price Surges

He assured the X community they would not sell the crypto assets owned by the Salvadorian authority. Bukele comments came at a time when Bitcoin hit its all-time high.

According to CoinMarketCap, Bitcoin increased by 4.3% to reach the $62k mark. The impressive increase in BTC price was recognized by the President of El Salvador.

He brags that if he sold the Bitcoin in the country at the current market price, he would receive double the gains. A review of Nayib Bukele Portfolio Tracker demonstrated that the crypto-friendly country owns 2848 BTC valued at $173 million. 

Even though the tracker sometimes provides inaccurate data, the Bukele administration is working on ensuring the tracker offers reliable and accurate information.

Reflecting on last year’s crypto winter, Bukele noted that the crypto community received numerous articles concerning the sluggish movement of BTC. 

El Salvador Vows Not to Sell BTC

Bukele predicts analysts and journalists will remain silent about the current BTC prices since Bitcoin registered an impressive gain in a day. The president condemned the media for spilling lies about El Salvador ongoing Bitcoin initiative. 

A few months ago, Bukele’s Bitcoin bid was opposed by the International Monetary Fund (IMF). In their argument, the IMF officials argued that accepting Bitcoin as legal tender in El Salvador would destabilize the country’s economy. 

Despite being opposed by international regulators, Bukele vowed to lead El Salvador to attain the Bitcoin goal. After the fallout of FTX, President Bukele invested in acquiring 1 Bitcoin in a day. 

President Bukele Plans to Pursue Bitcoin Bid

Reportedly, Bukele seems unbothered by the price volatility of crypto assets. He vowed to retain the available BTC and has no plans to sell them. In his analysis, President Bukele projected that “1 BTC = 1 BTC” at all times. 

The surge in Bitcoin prices came at an appropriate time when Bukele will serve for the second term as the President of El Salvador. In the 2024 general election, Bukele received 85% of the votes. His reelection as the President of El Salvador will allow Bukele to pursue his Bitcoin bid.

In his previous term, President Bukele made bold steps in reviving the El Salvador economy. Bukele believes that Bitcoin has enormous potential for transforming the El Salvador economy. To attain the desired results, Bukele invested in aprogrammes promoting BTC use cases, including Chivo Wallets, and increasing the number of Bitcoin ATMs.

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