El Salvador holds the position as the first country to adopt Bitcoin as a national currency. Despite pushback from global finance organizations, the country remained committed to Bitcoin as the most promising cryptocurrency in the market. However, in his most recent statement, El Salvador’s President hints at a potential selloff.
In a lengthy post shared to X, formerly Twitter, Nayib Bukele, the President of El Salvador detailed the country’s position on the Bitcoin market to his 5.7 million followers on the platform.
Bukele highlighted the many criticisms the country received for throwing its weight behind Bitcoin’s back when the asset was in an extremely volatile state. Should the country attempt to recover its massive losses, selling Bitcoin at this time could do the job.
Not only will the country clear out all of its losses, it will also make gains of more than 3 million dollars. However, a selloff is not a part of the nation’s plan.
In Bukele’s words,
“With the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3 620 277.13 USD (as of this moment). Of course, we have no intention of selling; that has never been our objective.”
Notably, El Salvador holds 2,762 Bitcoins with an average price of $42,433.42 and a current market value of over $115 million.
Speaking of market volatility, Bukele asserts that the price fluctuations recorded in the Bitcoin market are not a cause for concern, as they do not affect the firm’s long-term strategy.
El Salvador’s President is essentially calling for the naysayers and authors of articles fueling FUD to retract their statement, offer an apology, or even acknowledge that El Salvador is now yielding a profit.
“If they consider themselves true journalists, they should report this new reality with the same intensity they reported the previous one. We’ll see… Stay tuned!” He wrote.
Meanwhile, at report time, Bitcoin is trading for $43,917. The apex cryptocurrency hit a new yearly all-time high this week after crossing the $44,000 price level. Over the last 24 hours, trading volume has soared by 49% as the asset maintains stability above the $40,000 price zone.
Market sentiment at this time is extremely bullish, and key players expect Bitcoin to lunge for $50,000 in the near term as anticipation for a Spot Bitcoin Exchange Traded Fund (ETF) rises.