El Salvador's Finance Minister Alejandro Zelaya reiterates that the Central American country has not sold its Bitcoin holdings during the bear market.
During an interview with a Salvadoran media outlet, Alejandro Zelaya, El Salvador's Finance Minister, stated that the nation has not suffered any losses from the current price drop in Bitcoin, simply because the country has not sold its holdings in this cryptocurrency.
El Salvador declared Bitcoin legal tender last September. Since then, it has made significant investments in this cryptocurrency, which have been announced by its president, Nayib Bukele, via Twitter.
Although Bukele has not revealed the wallet address where El Salvador keeps its bitcoins, it is estimated that The Central American country owns about 2.300 BTC, which at the time of this edition maintain a value of around 46,57 million dollars, with Bitcoin trading at $20.250 per unit on the market.
According to Zelaya, despite the 10% drop in Bitcoin prices over the past month, El Salvador has not sold the BTC cryptocurrencies it currently holds.
During the interview, cited by the EFE agency, the Minister of Finance of El Salvador stressed that: “We have not been generating losses because we have not been selling coins (bitcoins)”.
In addition to this, Zelaya took the opportunity to reiterate that his commitment to the adoption of Bitcoin is long-term, so he recalled that it is impossible for the country to generate million-dollar profits with this cryptocurrency immediately, as some expect.
“Results don’t happen overnight”, Zelaya argued while emphasizing the need to work and look for new implementation mechanisms that increase the potential and use cases for Bitcoin, the leading cryptocurrency in the crypto industry.
According to Zelaya, El Salvador has not treated Bitcoin as an exclusive asset of the stock market, but rather has been diversifying its use cases, implementing the cryptocurrency as a powerful tool for banking and financial inclusion, as well as an instrument with the potential to attract investments, boost the economy and stimulate technological development and innovation in the country.
Last June, during a press conference, Zelaya had also reiterated that El Salvador had not suffered losses with Bitcoin because it had not sold the cryptocurrencies.
As reported by this outlet, the Central American country has rather been taking advantage of the fall in cryptocurrency prices to increase its Bitcoin holdings, buying more cheap BTC.
Earlier this month, Nayib Bukele announced on Twitter the Purchase of another 80 BTC, at an average price of $19.000 per unit, each.
The Salvadoran president has become one of the main advocates of Bitcoin, encouraging Salvadorans and other countries around the world to educate themselves about the innovative potential of this cryptocurrency in the digital age.
Continue reading: Bitcoin Law turns one year old: How has El Salvador fared?
