Treasury Minister of El Salvador Dismisses Bitcoin Investment Losses, Calls M...
Alejandro Zelaya, the treasury minister of El Salvador, called out the critics of the investments that his country, through the action of President Nayib Bukele, has made in bitcoin. 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 The government of El Salvador is being criticized for the bet that its president, Nayib Bukele, has made on bitcoin, purchasing....
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Alejandro Zelaya, Treasury minister of El Salvador, explained that the conflict happening currently between Ukraine and Russia has influenced the price of bitcoin on international markets, disrupting it. Due to this disruption, Zelaya also stated that it was not feasible to issue the volcano bonds yet, which are to finance the construction of the Bitcoin City announced last year by President Nayib Bukele.
Treasury Minister of El Salvador Says Conflict Is Affecting Bitcoin Price Action
Military conflict and geopolitical unrest might be affecting the performance of the price of....
El Salvador President Nayib Bukele announced the country bought another 80 BTC, resulting in a total treasury of 2,381 BTC valued around $46.1 million.
Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. Since then, the El Salvador government has pledged to purchase bitcoins and has held up its end of the bargain. Now, every time the price of BTC goes down, the country calls the dip and purchase a significant amount of bitcoin. In multiple instances spread through the past couple of months, El Salvador has purchased millions of dollars worth of bitcoin. The country had purchased 100 bitcoins during the last bitcoin dip. This time around, El Salvador has....
Will the plan work? Soon, the Bitcoin Bonds will get the legal foundation they need. In a recent TV interview Alejandro Zelaya, El Salvador’s Finance Minister, said they will send the necessary bills to Congress. Soon. Reportedly, El Salvador will initially issue $1B worth of bonds, which will have a ten-year maturity and carry a 6.5% coupon. The bitcoin that backs them will be locked for five years. The project, announced by President Bukele at Labitconf 2021, includes plans to build Bitcoin City. More on that later. In a scheme worthy of MicroStrategy, El Salvador will spend half of the....
Japan’s finance minister Taro Aso suggested on Tuesday that the G7 finance ministers should have discussions over central bank digital currencies (CBDCs) in Friday’s virtual meeting. Read more: G7 Officials Stress Need to Regulate Digital Currencies: US Treasury