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Tuesday, March 28, 2023

Treasury Minister of El Salvador Dismisses Bitcoin Investment Losses

Treasury Minister of El Salvador Dismisses Bitcoin Investment Losses – El Salvador’s treasury minister, Alejandro Zelaya, slammed critics of his country’s bitcoin investments, which were made possible by President Nayib Bukele’s actions. According to Zelaya, there were no losses because the bitcoin purchased for roughly 2,300 BTC was not sold. He also called some of the media’s coverage of the issue “biased.”

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El Salvador’s government has been chastised for its president, Nayib Bukele, placing a bet on bitcoin, purchasing almost 2,300 BTC for the country’s treasury. El Salvador’s Treasury Minister, Alejandro Zelaya, has minimized the country’s loss as a result of these investments, claiming that it is insignificant in the grand scheme of things.

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On the subject, Zelaya said:

“There’s a lot of talk about our Bitcoin approach, and they’re speculating about a $40 million loss that hasn’t happened since we haven’t sold or disposed of the coins.”

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In a previous interview, Zelaya claimed that the coins he had purchased would not be sold at a loss, but rather would be held until the price reached higher levels.

El Salvador’s treasury minister expressed dissatisfaction with media coverage of the situation, claiming that reports were skewed due to some media outlets’ position on bitcoin. Zelaya went further to mention several media outlets by name, declaring:

“I’ve even seen Deutsche Welle, and with all due respect, I’ve seen biased reports, claiming that El Salvador is facing a $40 million fiscal risk. Our nation’s general budget is almost $8,000 million dollars; $40 million is less than 0.5 percent of that.”

According to Zelaya, this demonstrates that some of these media outlets are hostile to bitcoin, which is affecting El Salvador, which was the first government to use it as legal tender.

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Despite the unrealized losses on this bitcoin investment, Salvadorans have a positive attitude toward their president, with Bukele’s administration receiving more than eight out of ten in two recent polls conducted by various national universities. Some institutions are concerned about the lack of transparency with which Bukele is carrying out these projects.

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