Although announced dead for the umpteenth time, Bitcoin remains immortal. Something that must strongly displease the personalities against its adoption (hi Christine Lagarde) who would like to see it disappear from the economic landscape. Bitcoin remains immortal for the maximalists as well as for El Salvador and the Central African Republic, who adore it and see it as an opportunity. El Salvador, having understood the possible economy around BTC, is keeping its back to the crypto storm we are living in.
El Salvador, the land of Bitcoin.
Legalized in September 2021, Bitcoin has become the country’s official currency with the support of its president Nayib Bukele.
In its enthusiastic crypto policy, El Salvador also wants to create Bitcoin City. A city totally powered by geothermal energy and the Conchagua volcano in order to become carbon free.
The country currently holds about 2,301 Bitcoins or about $44 million at the current price of the crypto-asset. An amount significantly lower than the initial investment, something that does not seem to disturb the government.
The government of El Salvador is sure of it: BTC is not dead
Alejandro Zelaya, El Salvador’s Minister of Economy, remains unmoved by media criticism of the country’s investments in Bitcoin.
This Monday, he made a point of reacting to the many attacks and the bearish context of the market:
There is an obvious criticism of the nature of Bitcoin, not the strategy of El Salvador. El Salvador is what they are least interested in, they are not interested in what is happening to our economy, they are not interested in what is happening with our people, what is happening with inflation.Alejandro Zelaya, Minister of Economy of El Salvador
Regarding allegations that El Salvador lost $46 million due to the cryptocurrency’s fall since a purchase at $60,300/Btc in October 2021, Alejandro said:
I have said it many times: it is not a loss of $40 million, we did not sell our bitcoins.Alejandro Zelaya, Minister of Economy of El Salvador
The tone is thus set by the Minister of Economy of El Salvador who seems to adapt a simple rule of portfolio management in a bear market, which remains very very effective: not sold, not lost (editor’s note: this is not an investment advice).
He thus affirms his confidence in the value of BTC in front of those who qualify it as a high-risk fiscal investment, while judging it on the contrary very reliable.
El Salvador even continues to invest in digital gold.
Nayib Bukele Joins Bitcoin’s Diamond Hands
El Salvador assumes its investment policy and refuses to become a paper hand by selling at a loss. The country seems officially on the road to hold until death, while continuing its DCA quietly.
It is thus definitely anchored in the ranks of Diamond hands alongside Michael Saylor the CEO of MicroStrategy, Elon Musk.
Let’s also remember that a school and a veterinary hospital were created when the country was in profit.
After El Salvador, the Central African Republic and other cities in the world such as the United Arab Emirates (Dubai, Abu Dhabi) or Bahrain or companies like McDonald’s that have adopted bitcoin or other decentralized digital tokens, what do you think will be the next building block in the adoption of cryptocurrencies? Coinpri already has its own idea, so stay tuned!
Co-founder of Coinpri, Expert in blockchain and NFT, I vulgarize the new web3 and blockchain paradigm here.