Nayib Bukele, President of El Salvador, confirmed his strategic approach to Bitcoin, stating that the country will not sell its holdings. He emphasized, “In the end, 1 BTC = 1 BTC,” underscoring this was true regardless of market prices.
When Bitcoin prices were low, Bukele faced criticism over losses, but he highlighted the current 40% profit margin if they were to sell now. Instead, El Salvador’s primary Bitcoin source is now its citizenship program.
Despite repeated warnings from the International Monetary Fund (IMF) since 2021, El Salvador remains committed to Bitcoin, planning Bitcoin-backed bonds in early 2024 and continuing the development of Bitcoin City.
Bukele’s steadfast stance has garnered praise from many, including crypto exchange Kraken, while facing skepticism from critics like Peter Schiff. Bukele’s response to the latter was direct: “Shout louder.”
The broader implication of Bukele’s strategy reflects a decisive, predator-like planning approach, contrasting with the reactive nature of his critics.
