Treasury Minister of El Salvador Dismisses Bitcoin Investment Losses

The government of El Salvador is being criticized for the wager that its president, Nayib Bukele, has made on bitcoin, purchasing more than 2,300 BTC for the treasury of the u . S .. Alejandro Zelaya, who's the treasury minister of El Salvador, has minimized the loss that the united states of america has taken due to those investments, announcing that it isn't always extensive inside the massive picture.

There is lots of fuss approximately our Bitcoin approach, they speculate with an alleged loss of $forty million that has not came about, because we have not bought the coins, they have no longer been disposed of.

In an earlier interview, Zelaya had also said those coins purchased have been now not to be sold at a loss, and that they were going to attend until the price reached higher numbers.

Biased Media Coverage

The treasury minister of El Salvador complained approximately media coverage in this problem, noting that reviews had been biased because of the position that a few media retailers have on bitcoin. Zelaya even named a few retailers by means of name, affirming:

    I have even visible Deutsche Welle, with all due recognize, I have visible biased reports, it says that El Salvador is being dragged down by way of a financial risk of $40 million. Oh my God! Our General Budget of the Nation is nearly $eight,000 million; $forty million does no longer constitute even 0.5% of our budget.

However, to Zelaya, this is proof that some of those media outlets have animosity in the direction of bitcoin which is also affecting El Salvador as the first country to adopt it as criminal soft.

Even with the present day unrealized losses in this bitcoin investment, the appreciation that Salvadorans have for his or her president is primarily favorable, with Bukele’s management earning extra than eight points out of ten in two current polls finished by one-of-a-kind country wide universities. Some establishments are worried about the shortage of transparency in which these investments are being carried out directly by way of Bukele.

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