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Bitcoin Now Above $60k, El Salvador Confirms No Plans to Sell

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By Augustine Mbam - - 5 Mins Read
Nayib Bukele giving a speech
El Salvador's President, Nayib Bukele | YouTube

In a resounding declaration, President Nayib Bukele of El Salvador asserted on Wednesday that the country currently has no plans to sell its Bitcoin (BTC) reserves.

This affirmation comes on the heels of a significant surge in Bitcoin prices, with the cryptocurrency trading above $60,000.

Bukele's remarks serve as a rebuttal to critics who previously highlighted supposed losses during periods of lower BTC prices.

He took to Twitter to criticize the media's alleged silence when El Salvador is experiencing substantial gains in its crypto holdings.


X post screenshot from El Salvador's president Nayib Bukele
Post | nayibbukele/X


Riding the Waves: El Salvador's Crypto Journey

El Salvador initiated its foray into Bitcoin investments in September 2021, a move that has proven lucrative in recent months.

As of January, the country's Bitcoin investment portfolio boasts an impressive 2,798 tokens, translating to an unrealized profit of $12.6 million.

This substantial increase follows President Bukele's earlier revelation in December of a profit of $3.6 million.

Notably, the source of El Salvador's BTC accumulation is tied to its innovative citizenship program.

El Salvador's Congress approved a new migration law in December.

This law facilitates expedited citizenship for foreigners who contribute Bitcoin "donations" to the government's social and economic development programs. 

President Bukele emphasized that this citizenship initiative is the main source of the country's Bitcoin holdings.

This unique strategy has bolstered El Salvador's crypto reserves and garnered attention for its unconventional approach to national development.

But there is more, the South American country is also not giving up its plans to build a one-of-a-kind Bitcoin city.

Following the anticipated re-election of Nayib Bukele, it has been reported that plans are underway to achieve the enormous project.

El Salvador Has No Intentions to Sell Bitcoin Stash

President Bukele's commitment to holding onto El Salvador's Bitcoin holdings remains steadfast.

Despite the profits that could be realized by liquidating the BTC reserves in the current bullish market, Bukele reiterated that selling is not on the agenda. 

The country's Bitcoin holdings have surged by over 40%, a testament to the success of its unconventional investment approach.

A Long-Term Vision Unaffected by Market Fluctuations

Addressing concerns about the cryptocurrency's volatile nature, President Bukele maintains that El Salvador's long-term strategy remains unaffected by the fluctuating price of Bitcoin.

This resiliency to market turbulence shows the nation's confidence in the enduring value of its crypto assets.

Bukele emphasized, "At the end, 1 BTC equals 1 BTC. This was true when the market price was low, and it's true now."

President Nayib Bukele has consistently pushed back against predictions and criticisms from skeptics, speculators, and the media regarding El Salvador's Bitcoin losses during periods of market downturns.

His vocal defense of the nation's crypto endeavors highlights a determined commitment to fostering a resilient and innovative economy.

Looking Forward 

El Salvador's commitment to retaining its Bitcoin reserves is seen as a pioneering approach to national finance. Its unique citizenship program has helped the country to grow its crypto holdings and attracted global interest in the intersection of citizenship, investment, and cryptocurrency. El Salvador's unwavering stance on Bitcoin shows a vision that extends beyond short-term market trends.