The president of El Salvador, Nayib Bukele, stated on Wednesday, February 28 in his X account that his country will not sell the alleged bitcoin reserves it has, despite the fact that their value has exceeded US$60 thousand.
“We will not sell, of course, in the end 1 BTC = 1 BTC (this was true when the market price was low and it is true now), he wrote in English on the aforementioned social network.
When #Bitcoin’s market price was low, they wrote literally thousands of articles regarding 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…
— Nayib Bukele (@nayibbukele) February 28, 2024
He also criticized the alleged media silence regarding the increase in the value of bitcoin in recent days.
“When the market price of #Bitcoin was low, they wrote literally thousands of articles regarding our alleged losses,” Bukele noted, noting that “it is very revealing that the authors of those opinion articles, the ‘analysts’, the ‘experts’ ‘Journalists’, be completely silent now.”
He noted that “now that the market price of #Bitcoin is well above, if we were to sell, we would make a profit of more than 40% (just from purchases in the market), and our main source of BTC (bitcoin) is now our citizenship program”.
Since last January 23, when it fell to US$38,500, the price of the cryptocurrency has appreciated 56.97%.
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In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender, along with the US dollar. However, 88% of the population did not use this crypto asset in 2023, according to a survey.
By 2022, the Salvadoran Government was expected to place bitcoin bonds, known as Volcano Bonds, for US$1 billion to finance the construction of Bitcoin City in the east of the country, although said financial movement was not carried out, nor was the construction of the project. .
In November 2022, President Bukele, who made the adoption of bitcoin his main economic bet, although at the moment there is little talk regarding said project, said that one bitcoin a day would be purchased with state money.
However, the information regarding these alleged purchases and the more than 200 million invested in the initiative has been kept secret by government institutions and only what Bukele publishes on the social network X is known.
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According to nayibtracker, a website that tracks the amount of bitcoins (and their value in dollars), which is owned by Bukele and which has been deemed valid, El Salvador would accumulate 2,848 bitcoin coins acquired with a purchase value of more than 121 million, an amount that would have reached more than 170 million with the current increase.
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