'Bitcoin President' Nayib Bukele Dunks On Naysayers, Says El Salvador Won't Sell Because '1 BTC = 1 BTC'

El Salvador's president Nayib Bukele clapped back at critics, saying El Salvador would not sell its Bitcoin BTC/USD holdings despite being up over 40% from its purchases. 

What Happened: Bukele said as much in a post on X (formerly Twitter), citing a classic argument of Bitcoin supporters that "1 BTC = 1 BTC," regardless of its dollar valuation. This refers to Bitcoin's finite supply and its properties as "hard money."

Bukele also dismissed authors of "hit pieces," who, according to him wrote "literally thousands of articles" about the country's "supposed losses." 

His conclusion: "Remember this, next time they spill lies again about El Salvador."

Why It Matters: At the beginning of February, Bukele was re-elected for a second term with an overwhelming majority, despite criticism over sidestepping constitutional term limits.

Bukele also made headlines with a recent speech at the Conservative Political Action Conference (CPAC). He questioned the U.S. government's ability to "keep printing unlimited amounts of money out of thin air" and argued that the high taxes in the U.S. were “not really funding” the government.

Bukele has amassed a fan-following among Bitcoin supporters for his country's investments in the digital currency, which began in 2021. 

El Salvador has since been challenged by the IMF over its investments, though Bitcoin's rising valuation also improved the Central American country's sovereign bond ratings.

El Salvador also offers citizenship for Bitcoin donations, which has boosted the country's appeal among crypto enthusiasts.

Milena Mayorga, El Salvador's ambassador to the United States, lauded Bukele's post, saying Bitcoin is a revolution and "they are afraid about it." 

Cryptocurrency exchange Kraken thanked Bukele for being "a pioneer", while Stacy Herbert, head of the country's National Bitcoin Committee, simply remarked "President Bukele told you so," attaching a screenshot of recent Bitcoin price action.

Price Action: At the time of writing, Bitcoin is trading at $60,885, up 6.8% in the last 24 hours, according to Benzinga Pro.

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