El Salvador 'has not had any losses' due to Bitcoin price dive, finance minister says

Alejandro Zelaya, the minister of finance of El Salvador, reacted to the current media assaults on the nation’s technique of investing in Bitcoin (BTC) by calling the allegations of fiscal dangers “extraordinarily superficial.”

Throughout a press convention held on Monday, Zelaya responded to a journalist’s query concerning the authorities’s response to Bitcoin’s sharp dip in an emotional method:

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“There’s a clear criticism of Bitcoin as such, not of El Salvador’s technique. El Salvador is what pursuits them the least, they [the media outlet] are usually not fascinated about what occurs to our economic system, they aren’t fascinated about what occurs with our individuals, what occurs with inflation.”

The official underscored the impropriety of allegations that round $40 million had been misplaced by the nation’s finances due to the cryptocurrency charge drop for the reason that highest level at which El Salvador has bought its first potion for $60,300 per BTC in October 2021. Zelaya pointed to the hypothetical chance of a BTC rebound:

“I’ve mentioned it repeatedly: A supposed lack of 40 million {dollars} has not occurred as a result of we have now not offered the cash.”

Zelaya additionally rebuffed the assumptions about excessive fiscal danger as laughable and ignorant, whereas calling the danger “extraordinarily minimal.”

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For the time being, El Salvador holds 2,301 Bitcoin, which quantities to round $50 million by press time. In fiat equal, that is lower than half of the cash the nation has invested in Bitcoin by means of its purchases in October 2021 and Might 2022, when BTC was price $30,700.

Like the entire crypto market at massive, BTC has been declining since its all-time excessive in November 2021 (round $69,000) with the downtrend accelerating for the final month and a half following a sequence of the shake-ups such because the failure of Terra and the fiasco of a serious DeFi lender, Celsius, in addition to the worldwide inflation rise.

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