2 years ago
On July 1, President Bukele tweeted that El Salvador had bought different 80 Bitcoin (BTC) astatine $19,000 per token. Signing off, helium said, “thank you for selling cheap.”
The marketplace downturn has renewed condemnation implicit utilizing nationalist funds to wage for the “Bitcoin experiment.” With BTC losing 63% of its worth since the Bitcoin ineligible tender instrumentality passed, El Salvador is down tens of millions of dollars.
In a caller interrogation with Julio Sevilla, the University of Georgia prof said the experimentation doesn’t airs a bankruptcy menace to El Salvador.
El Salvador bought contiguous 80 #BTC astatine $19,000 each!#Bitcoin is the future!
Thank you for selling inexpensive 
pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
El Salvador is down $60.8 cardinal connected Bitcoin losses
According to the website nayibtracker.com (which hasn’t updated the latest bargain astatine writing), El Salvador’s Bitcoin portfolio stands astatine 2,301 BTC with a full outgo of $105,635,283, making an mean bargain terms of $45,908 per token.
At the existent price, El Salvador was $60,983,403 down connected its investment.
Accounting for the latest buy, the mean bargain terms drops to $45,004, making a existent nonaccomplishment of $60,834,550.
El Salvador looks to renewable vigor sources
Milena Mayorga, El Salvador’s Ambassador to the U.S., tweeted connected June 28 that the state has committed to a $200 cardinal concern programme successful star Bitcoin mining astatine the municipality of Chalatenango.
Quizá esta oversea la inversión privada jamás registrada en Nueva Concepcion, Chalatenango.
Se trata de la Planta fotovoltaica para minar #Bitcoin y aumentar la matriz energética.
¡Nueva inversión de $200 millones en energía renovable!
Anchor I, con capacidad instalada de 6MW pic.twitter.com/XS2XQ84jln
— Milena Mayorga (@MilenaMayorga) June 28, 2022
In response, Journalist Ricardo Valencia panned the move, saying it makes small consciousness to nutrient vigor for BTC mining erstwhile El Salvador is simply a nett importer of energy.
” El Salvador imports vigor and the small vigor it produces volition beryllium donated to the Circus. Priorities.”
Meanwhile, El Salvador’s plans for Volcano Bonds issuance are delayed. In March, Finance Minister Alejandro Zelaya said existent “market variants” are unfavorable for the issuance. He expects things to alteration aft September.
“In May oregon June the marketplace variants are a small different. At the latest successful September. After September, if you spell retired to the planetary market, it is hard (to rise capital).”
Volcano Bonds notation to a $1 cardinal superior raise, successful which the bonds are backed by gross earned done Bitcoin mining utilizing geothermal powerfulness from the Conchagua volcano, located successful the South East of the state overlooking the Gulf of Fonseca.
The station President Bukele says ‘thank you for selling cheap,’ arsenic El Salvador buys much Bitcoin appeared archetypal connected CryptoSlate.
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