Alejandro Zelaya; “We Won't Be in Loss Unless We Sell Bitcoin”

El Salvador's Finance Minister, Alejandro Zelaya, spoke about the cryptocurrency market. He noted his "extremely superficial" assessment of investors' criticism of the strategy of investing in Bitcoin and the claims of financial risk.

Recording statements at the press conference held, Alejandro Zelaya answered the questions asked about the sudden fall of the cryptocurrency giant Bitcoin with the following statements: “There is clear criticism of Bitcoin, not El Salvador's strategy. What interests them the least in El Salvador is the media outlets are not interested in what is happening to our economy, they are not interested in what is happening to our people, what is happening to inflation.” Minister Zelaye stated that the claims that approximately $40 million has been lost in the country's budget due to the decline in cryptocurrencies since the peak point since the first purchase of El Salvador for $60,300 per BTC in October 2021 are unfounded: “I've said it over and over: Supposedly there was no $40 million lost because we didn't sell cryptocurrencies.” Zelaya described the risk as "extremely minimal". With recent investments, El Salvador has become a country with 2,301 Bitcoins worth around $50 million. The country last recorded 500 Bitcoin purchases at $30,744 in May. This sharp decline of Bitcoin reveals that the country is in great loss.