Alejandro Zelaya, the minister of finance of El Salvador, reacted to the latest media assaults on the nation’s technique of investing in Bitcoin (BTC) by calling the allegations of fiscal dangers “extremely superficial.”
During a press convention held on Monday, Zelaya responded to a journalist’s query in regards to the authorities’s response to Bitcoin’s sharp dip in an emotional method:
“There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy. El Salvador is what interests them the least, they [the media outlet] are not interested in what happens to our economy, they are not interested in what happens with our people, what happens with inflation.”
The official underscored the impropriety of allegations that round $40 million had been misplaced by the nation’s funds 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 have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”
Zelaya additionally rebuffed the assumptions about excessive fiscal threat as laughable and ignorant, whereas calling the chance “extremely minimal.”
Related: Falling Bitcoin worth would not have an effect on El Salvador: ‘Now it is time to purchase extra,’ reveals Deputy Dania Gonzalez
At the second, El Salvador holds 2,301 Bitcoin, which quantities to round $50 million by the press time. In fiat equal, that’s much less than half of the cash the nation has invested in Bitcoin by its purchases in October 2021 and May 2022, when BTC was price $30,700.
Like the entire crypto market at giant, 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 collection of the shake-ups such because the failure of Terra and the fiasco of a significant DeFi lender, Celsius, in addition to the international inflation rise.