El Salvador President Nayib Bukele Responds To Finance Minister Saying Bitcoin Investment Doesn’t Affect Their Economy.
The president of El Salvador, Nayib Bukele, tweeted in response to a story that El Salvador’s finance minister had said that the bitcoin decline only represents a tiny fraction of their national budget “You’re telling me we should buy more #BTC?”
— Nayib Bukele (@nayibbukele) June 14, 2022
The government of El Salvador has shown a level of enthusiasm for the cryptocurrency known as Bitcoin that is unmatched by any other nation. Last year, the government announced that the cryptocurrency would be recognized as a kind of legal cash. However, El Salvador’s investment is swiftly losing value as the market for cryptocurrencies begins to level down.
On Monday, Alejandro Zelaya, El Salvador’s Minister of Finance, allayed thoughts that a sudden drop in the price of Bitcoin would not significantly influence the nation’s fiscal health.
As Reported By TheCryptoBasic, the net worth of the country’s bitcoin assets has recently plummeted by almost $40 million. In his statement, Zelaya said that forty million dollars do not even represent one-half of our country’s overall budget. He mentioned this in reference to the national general budget.
The whole cryptocurrency market, which saw significant expansion during the global pandemic, has seen a considerable decline in recent months. The value of one bitcoin dropped below $22,000 on Monday, marking the point at which it has been trading at its lowest level since December 2020.
President Nayib Bukele is a strong supporter of Bitcoin. He has a habit of buying bitcoin dips. In September last year, he gave a piece of trading advice; “They Can Never Beat You If You Buy The Dips.” Let’s see whether he will be repurchasing the current bitcoin dip to leverage the $40M loss they are suffering on their current BTC holdings.
The government of El Salvador has invested in 2,301 units of Bitcoin since September of last year. Bitcoin’s price at press time is $21,254, and the global crypto market cap is worth $901 billion.