In a recent social media post, President Bukele of El Salvador shed light on the conspicuous silence of Bitcoin critics following the cryptocurrency’s significant surge in value. The president addressed the issue, pointing out the stark contrast in the rhetoric from detractors when Bitcoin’s market price was low.
“When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” President Bukele stated in a post on the X social network. He highlighted the extensive coverage that critics gave to alleged losses during periods of lower Bitcoin valuations.
The president went on to emphasize the current situation, stating, “Now that #Bitcoin’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 citizenship program.” This assertion underscores the positive financial impact that the surge in Bitcoin’s value has had on El Salvador’s holdings.
President Bukele made it clear that despite the profit potential, El Salvador has no intention of selling its Bitcoin holdings. He asserted, “We won’t sell, of course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now).” This statement reflects the country’s commitment to maintaining its cryptocurrency assets amid market fluctuations.
The president concluded the post with a thought-provoking remark: “But it’s very telling that the authors of those hit pieces, the ‘analysts’, the ‘experts’, the ‘journalists’, are totally silent now.” He urged the public to remember this silence the next time negative narratives surface about El Salvador in relation to Bitcoin.
President Bukele’s revelation draws attention to the shifting dynamics surrounding the cryptocurrency debate and raises questions about the credibility of those who were quick to criticize during periods of market downturn. As El Salvador continues to navigate its path with Bitcoin, the president’s message serves as a reminder to critically assess information and narratives surrounding the country’s cryptocurrency endeavors.