'We have no intention of selling': El Salvador's millennial president touts the country's bitcoin investment as the token soars

• El Salvador's president Nayib Bukele praised his country's bitcoin investment on Monday.
• "Of course, we have no intention of selling; that has never been our objective," he said.
• The token touched $42,000 Monday, it's highest level in 20 months.

Bitcoin breached $42,000 on Monday for the first time in 20 months, and El Salvador's millennial president Nayib Bukele took to X to tout his country's investment in the crypto amid the big gains. 

In a post on X early Monday, Bukele shared a screenshot of what he said was El Salvador's bitcoin portfolio. 

"El Salvador's #Bitcoin investments are in the black!" he said. At the cryptocurrency's current price following its recent climb, the country would notch a profit of more than $3.6 million.

 

The 42-year-old leader said the country would not be exiting its position anytime soon, as that would run counter to long-term objectives.

"Of course, we have no intention of selling; that has never been our objective," Bukele said. "We are fully aware that the price will continue to fluctuate in the future, this doesn't affect our long-term strategy."

He added that "naysayers" including journalists should offer apologies for doubting the country's investment decision. 

As for the bitcoin itself, investors' expectations for the Federal Reserve to ease interest rates have fueled a rally of more than 150% year-to-date.

Crypto-linked equities, too, have seen similar, triple-digit gains. Names including Coinbase, MicroStrategy, and Riot Platforms have all surged over 200%.

Meanwhile, the potential approval of a spot bitcoin ETF has added to the optimism, along with the looming bitcoin halving event expected in April 2024.