Alejandro Zelaya, the minister of finance of El Salvador, reacted towards the recent media attacks around the nation’s technique of purchasing Bitcoin (BTC) by calling the allegations of fiscal risks “extremely superficial.”
Throughout a press conference held on Monday, Zelaya responded to some journalist’s question concerning the government’s response to Bitcoin’s sharp dip within an emotional manner:
“There is really a obvious critique of Bitcoin as a result, not of El Salvador’s strategy. El Salvador is exactly what interests them minimal, they [the press outlet] aren’t thinking about what goes on to the economy, they aren’t thinking about what goes on with this people, what goes on with inflation.”
The state underscored the impropriety of allegations that around $40 million have been lost through the country’s budget due to the cryptocurrency rate drop because the greatest time El Salvador has purchased its first concoction for $60,300 per BTC in October 2021. Zelaya pointed towards the hypothetical chance of a BTC rebound:
“I have stated it frequently: A supposed lack of 40 million dollars hasn’t happened because we’ve not offered the coins.”
Zelaya also rebuffed the assumptions about high fiscal risk as silly and ignorant, while calling the danger “extremely minimal.”
Right now, El Salvador holds 2,301 Bitcoin, which comes down to around $50 million by press time. In fiat equivalent, that is under 1 / 2 of the cash the country has invested in Bitcoin through its purchases in October 2021 and could 2022, when BTC was worth $30,700.
Such as the whole crypto market in particular, BTC continues to be declining since its all-time full of November 2021 (around $69,000) using the downtrend speeding up during the last month . 5 following a number of the shake-ups like the failure of Terra and also the fiasco of the major DeFi loan provider, Celsius, along with the global inflation rise.