El Salvador Won't Sell Its Bitcoin Stocks, Says President

El Salvador's controversial President Nayib Bukele has welcomed the recent rise in Bitcoin (BTC). He also confirmed that his country has no plans to sell its cryptocurrency stock acquired over the past two years.

Nayib Bukele does not want to sell Bitcoins belonging to the Salvadoran government

Since the beginning of the adoption of Bitcoin (BTC) as legal tender in El Salvador, pushed as a pioneer by the country's president, Nayib Bukele, re-elected president three weeks ago, the small country on the South American continent has become distinguished by its pro-cryptocurrency stance.

After being criticized internationally and by certain opponents, he defended President of El Salvador About his choices and his confidence in cryptocurrencies. He praised the country's investment in Bitcoin, explaining that it could make a very large profit if it decided to sell:

"when he was Bitcoin Price Lo and behold, they wrote thousands of articles about our so-called losses. (…) If we sell now, we will make a profit of over 40% (…), and our main source of Bitcoin is now our citizenship program.

As a reminder, the Salvadoran citizenship program states that foreigners who donate Bitcoin can obtain... Salvadoran nationality On the other hand. Additionally, the president of El Salvador confirmed that the country will not sell its Bitcoins while he is in charge:

“Of course we won't sell. In the end, 1 Bitcoin = 1 Bitcoin (this was true when the market price was low, and it is still true today)."

• For the latest Bitcoin (BTC) price analysis from BeInCrypto,click here>

Nayib Bukele also criticizes “experts” and “analysts” who criticized his strategy when the price of Bitcoin fell. As is often the case, the Salvadoran president takes a purely financial perspective in assessing the success of Bitcoin adoption. But according to a recent Reuters report, most Salvadorans (88% according to one survey) have not used Bitcoin in 2023.

The experience of El Salvador therefore shows that beyond the vision of the country's leaders, it is important that adoption comes from individuals and that they benefit from new means of payment. If Nayib Bukele's bet had been won from a purely financial point of view, the spread of Bitcoin in El Salvador is still debated.