El Salvador’s President: No Current Plans to Hold Bitcoin in National Reserves

According to CNBC, in response to El Salvador’s adoption of bitcoin as a fiat currency, President Nayib Bukele said, “It’s pretty sure it will work, not only for us, but also for humanity, because it’s a leap forward for humanity.” Bukele said the move would reduce El Salvador’s reliance on the existing fiat currency, the U.S. dollar. There are currently no plans to hold bitcoin in national reserves, although that could happen in the future. bukele also said there is interest in building a bitcoin mining center using renewable energy from the country’s volcanoes.



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