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El Salvador President under fire over $18M loss after Bitcoin tumbles to $23k

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Salvadoran Finance Minister Alejandro Celaya downplayed the impact of the Bitcoin crash on the country’s financial health, Reuters reported. reported.

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The price of bitcoin has fallen 56% since El Salvador made it legal tender.

Bitcoin falls to 18-month low

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The problems began at the beginning of Asian trading on June 13th. Bitcoin was already brittle following the release of higher-than-expected US inflation. However, the news that crypto lending platform Celsius had put withdrawals on hold due to a perceived liquidity crunch caused the markets to drop.

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Bitcoin lost 25% of its value at its lowest point since June 12th. A bounce off the $20,800 level early on June 14 provides some respite. But market sentiment remains firmly stuck in extreme fear.

At press time, Bitcoin is worth $22,900, which is an 18-month low for the leading cryptocurrency.

bitcoin hourly chart
Source: BTCUSDT is

El Salvador minister says financial risk is minimal

Commenting on Bitcoin’s sharp selloff at a press conference, Celaya said the situation posed minimal financial risk for El Salvador.

“When I am told that the financial risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile.”

Critics of El Salvador’s Bitcoin legal tender decision seized the opportunity to blow up President Bukele. For example, when a recent sale started, @marketsyaccion tweeted that the loss of $38 million is “easy” to live with when the funds come from public money.

To date, 06/12/2022, El Salvador has accumulated a loss of $38 million from the purchase of 2,301 bitcoins that its President Bukele made with public funds. money that is not yours.. It’s just“.

El Salvador’s Bitcoin reserves are 2,301 BTC with an average purchase price $30,744. At the current price, the country has an unrealized loss of $17,980,000.

Fears are mounting that a further drop in the price of bitcoin could hurt ordinary Salvadorans.

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