El Salvador President Refuses to Sell Bitcoin Holdings Despite Over 50% Profit

According to PANews, El Salvador President Nayib Bukele has stated that he has no plans to sell the country's substantial Bitcoin holdings, despite seeing over 50% profit. The Central American nation became the first in the world to adopt Bitcoin as an official currency in 2021 and invested national funds into the asset. El Salvador currently holds around 2,380 Bitcoins, purchased at an average price of $44,300, meaning the $105 million investment is now worth over $155 million. Bukele said, 'When the Bitcoin price was very low, they wrote thousands of articles about our so-called losses. Now that the market price of Bitcoin has risen sharply, if we sell Bitcoin, we will get over 40% profit. We certainly won't sell. Those so-called analysts and experts are now completely silent. Remember this the next time they spread lies about El Salvador.' It is reported that under El Salvador's Bitcoin law, every Salvadoran is eligible to receive $30 worth of free Bitcoin to encourage the launch of the cryptocurrency.