Alejandro Zelaya is the El Salvador’s treasury Minister. He called out those who were critical of his country’s investments in Bitcoin, made through President Nayib Bukele. Zelaya stated that there had not been any losses because the bitcoin purchased — around 2,300 BTC — had not been sold. He also qualified the coverage that some media is engaging in about the issue as “biased.”
El Salvador Dismisses Bitcoin Losses
El Salvador’s government is under fire for making a bet on bitcoin by its president Nayib Bukele. He purchased over 2,300 BTC in order to fund his country’s Treasury. Alejandro Zelaya is El Salvador’s treasury Minister. He has claimed that there has been no significant loss as a result.
Zelaya addressed the matter by saying:
The Bitcoin Strategy is the subject of much controversy. They speculate about a loss of $40 Million. We haven’t sold any coins so they are not being disposed.
Zelaya stated in an interview that the coins they purchased weren’t to be lost and that they would wait for the market to rise.
Broadcast Media coverage
El Salvador’s treasury Minister complained about the media coverage of this topic, pointing out that media reports were biased because some outlets had bitcoin-related positions. Zelaya named several outlets and declared:
Deutsche Welle has even been to my house. With all due respect for biased reporting, the report claims that El Salvador is under a financial risk of $40 Million. My God! The Nation’s General Budget is nearly $8,000,000,000; 40 million doesn’t even represent 0.5%.
Zelaya believes that this shows the animosity of some media outlets toward bitcoin, and is especially affecting El Salvador which was the first to accept it as legal currency.
Even with the current unrealized losses on this bitcoin investment, the appreciation that Salvadorans have for their president is mostly favorable, with Bukele’s administration earning more than eight points out of ten in two recent polls completed by different national universities. Some institutions have concerns about Bukele’s intransparency regarding these investments.
Let us know your thoughts on the loss El Salvador has suffered from bitcoin investments. Comment below.
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