Nayib Bukele, the president of El Salvador, recently reacted to a tweet that quoted the finance minister’s statement. Initially, the finance boss, Alejandro Zelaya, stated his optimism that the falling digital currency’s price would not negatively affect the nation’s budgetary health.
“Forty million dollars does not even represent 0.5% of our national general budget,” he said.
While reacting to the statement, Nayib Bukele tweeted:
“You’re telling me we should buy more #BTC?”
El Salvador Shows Support For Bitcoin
El Salvador is one of the few countries that have fully adopted Bitcoin as part of its legal tender ever since the goverment announced that its residents could use the popular cryptocurrency to pay for goods and services. However, the country’s investment is sinking as the market value for cryptocurrencies delines.
On Monday, Alejandro Zelaya stated that a sudden drop in the price of Bitcoin would not significantly influence the nation’s fiscal health. Furthermore, the financial minister echoed that forty million dollars do not represent half the country’s overall budget. He mentioned this about the national general budget.
The whole cryptocurrency market has experienced a slump in value in recent months. Additionally, the price of one bitcoin dropped below $22,000 on Monday, marking the point at which it has been trading at its lowest level since December 2020.
El Salvador President Prefers to Buy the Dip
The Salvadorian President, Nayib Bukele, has shown immense support to Bitcoin in the past as he is known for buying the digital asset’s dip.
In September last year, he gave a piece of trading advice; “They Can Never Beat You If You Buy The Dips.” So he will likely be repurchasing the current bitcoin dip to leverage the $40M loss they are suffering on their current BTC holdings.
The government of El Salvador has invested in 2,301 units of Bitcoin since September of last year. Bitcoin’s price currently stands at $21,209.93, and the global crypto market cap is worth $901 billion.