El Salvador’s president, Nayib Bukele, has firmly stated that his country has no intention of selling its Bitcoin holdings, pointing to the advantages of the leading cryptocurrency as a long-term asset held in a wallet. For the mentioned politician, 1 BTC will always be worth 1 BTC – both at low and high prices compared to fiat currencies.
El Salvador intends to continue holding BTC
The President of El Salvador emphasized that when the market value of Bitcoin was low, the media wrote about potential losses for his country from investing in this cryptocurrency, but now, when the price has increased significantly, there is silence. Nayib Bukele expressed satisfaction with the over 40% increase in the value of HODLed BTCs.
El Salvador’s decision was welcomed by many people who admire the country’s decisiveness. Cryptocurrency exchange Kraken appreciated his vision and determination, while Peter Schiff expressed criticism, suggesting that the country should finally realize a profit on its Bitcoin investment.
Vice President of El Salvador – Felix Ulloa – confirmed that Bitcoin will continue to be treated as legal tender in the country, while the government of Nayib Bukele plans to issue bonds backed by cryptocurrencies.
Opposition from the IMF
The IMF has consistently appealed to El Salvador to refrain from recognizing BTC as legal tender, fearing the potential risks and costs associated with it. Despite these warnings, the country remains resolute in its intention to hold Bitcoin.
The planned construction of Bitcoin City, a tax-free crypto paradise, and the issuance of passport bonds for cryptocurrency investors are further steps in El Salvador’s pursuit of full integration with the cryptocurrency market, regardless of the opinion of international financial institutions.
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