El Salvador President Bukele Affirms No Bitcoin Sale Amid Profit Surge
El Salvador’s president, Nayib Bukele, declared on social media platform X that the country has no intentions of selling its bitcoin holdings, underscoring the steadfast approach with “1 BTC = 1 BTC.”
Bukele emphasized that despite past criticisms during lower market prices, the current surge would yield a profit of over 40% if they were to sell. El Salvador adopted bitcoin as legal tender in September 2021, and Bukele affirmed the nation’s commitment to the cryptocurrency. The president noted the silence of critics and expressed confidence in their decision not to sell. While praised by many for his commitment, critics like Peter Schiff questioned the realization of profits without selling, to which Bukele responded, “Cry harder.”
Vice President Félix Ulloa confirmed that bitcoin would remain legal tender under Bukele’s leadership, with plans to launch bitcoin-backed bonds and proceed with the construction of Bitcoin City, a tax-free crypto haven. Despite ongoing warnings from the International Monetary Fund (IMF) to abandon bitcoin legal tender status, El Salvador remains resolute in its commitment to cryptocurrency.
Clever Robot News Desk 1st March 2024
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