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Which got me to think about the possible consequences if El Salvador were to ever announce that it is selling its bitcoins and plans to never buy any more? I am aware that the possibility of that is low since El Salvador has always expressed interest towards bitcoin but just hypothetically, how much would bitcoin be affected if El Salvador does not show support any more?
El Salvador is a small country and the Bitcoin they are holding is a small quantity compare to what other institutional investors are holding. I'm not really sure about how influencer there position is in crypto and outside but their country GDP is low and don't have their own currency, so one can't really balance the country development when they letter change to USD as their official currency because of the high inflation they are dealing with that time.
Having Bitcoin as part of their country reserved is what other countries that are dealing with high Inflation can deal with but there is consequences, I remember some of his tweets and people that were coming for him when Bitcoin price fell the last time and he even stop tweeting about Bitcoin but he came back with strong hands immediately Bitcoin broke all time. Their exit though wouldn't do much to Bitcoin, our worries should be Blackrock and Microstrategy that has more than 3% of the total supply.