Bitcoin

when

<p>The post <a href="https://coinpedia.org/news/el-salvadors-bitcoin-bet-president-bukele-vows-not-to-sell-amid-market-highs/">El Salvador Doubles Down on Bitcoin Holdings Despite Profit Opportunity</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a bold move, <a href="https://coinpedia.org/news/el-salvadors-bitcoin-investment-nets-12-6-million-in-profits/">President Nayib Bukele of El Salvador</a> has declared that the country will not part ways with its Bitcoin holdings. The president emphasizes the principle that “1 BTC will equal 1 BTC at the end,” maintaining a resolute stance despite the potential for a profit exceeding 40% if the nation were to sell based on current market value.</p> 
<p>Here’s everything you need to know.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-stance-made-clear">Bitcoin Stance Made Clear </h2> 
<p>President Bukele took to his social media platform, X, to share insights into El Salvador’s significant <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> reserves. This comes after the country gained international attention by adopting Bitcoin as legal tender alongside the US dollar in September 2021.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">When <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>’s market price was low, they wrote literally thousands of articles about our supposed losses.<br><br>Now that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…</p>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1762867369217532125?ref_src=twsrc%5Etfw">February 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Reflecting on past uncertainties when Bitcoin’s value was less stable, Bukele acknowledged media misreporting on El Salvador’s BTC investments. He contrasts this with the present, noting the potential for profits of over 40% due to recent Bitcoin market growth.</p> 
<p>Also Read: <a href="https://coinpedia.org/cryptocurrency-regulation/crypto-regulations-el-salvador/">Crypto Regulations of El-Salvador: First Country to Use Bitcoin as Legal Tender</a></p> 
<h2 class="wp-block-heading" id="h-how-they-re-sourcing-bitcoin">How They’re Sourcing Bitcoin </h2> 
<p>Bukele revealed that El Salvador’s primary source of Bitcoin is its citizenship program. In a notable move, the Salvadoran Congress approved a migration law granting expedited citizenship to foreigners making Bitcoin “donations” for government-driven initiatives.</p> 
<p>President Bukele reiterated El Salvador’s steadfast commitment, stating, <em>“We won’t sell; at the finality, 1 BTC = 1 BTC — true when the market price was low, and true now.”</em> He addressed critics and media channels that had previously portrayed El Salvador’s Bitcoin adoption negatively, highlighting their present silence.</p> 
<p>Read More: <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-to-reach-ath-by-weekend-but-there-is-a-catch/">Bitcoin (BTC) Price to Reach ATH By Weekend, But There Is a Catch</a></p> 
<h2 class="wp-block-heading" id="h-future-plans-laid-out">Future Plans Laid Out </h2> 
<p>El Salvador’s commitment to Bitcoin is evident with <a href="https://coinpedia.org/news/how-nayib-bukeles-victory-continues-the-bitcoin-journey-in-el-salvador/">President Bukele’s</a> 87% re-election victory. Plans include launching bond-backed Bitcoin in early 2024 and constructing Bitcoin City, a tax-free crypto hub.</p> 
<p>Despite success, the IMF warns El Salvador about potential repercussions, urging adherence to traditional legal tender. President Bukele’s unwavering decision underscores the country’s determination in the cryptocurrency realm.</p> 
<p>El Salvador’s innovative approach, particularly with Bitcoin City, continues to attract global attention. President Bukele’s strong stance on cryptocurrency positions the country as a pioneer in navigating the evolving landscape of digital assets.</p>

El Salvador Doubles Down on Bitcoin Holdings Despite Profit Opportunity

Table of Contents

CoinPedia News

Other articles published on Feb 29, 2024

Profitability eludes Canaan despite further growth

The Path to Altcoin Profits: Expert Insights for 2024 Investing

Dogecoin Rallies 50% To Beat Out Avalanche, BONK Overtakes PEPE

Five US Senators Sign Bill To Oppose Biden’s Digital Dollar CBDC Plan

Google Partnership with a New Altcoin, Price Reacted Positive!

Solana, Avalanche, Cardano Leads Altcoin Frenzy - What's Next?

Join our free newsletter for daily crypto updates!