Bitcoin

El Salvador President Nayib Bukele to His Finance Minister: “You Are Telling Me To Buy More Bitcoin?”

Nayib Bukele, the president of El Salvador, the first country in the world to adopt Bitcoin (BTC), the largest cryptocurrency by market, as legal tender, has recently tweeted saying “You’re telling me we should buy more #BTC?”

This comment came in response to El Salvador’s Finance Minister, who said the recent Bitcoin price dip has had little or no impact on the country’s budget.

The finance minister precisely said “$40 million decrease in bitcoin investment doesn’t even represent 0.5% of their national budget.”

In response to the comment, Nayib Bukele tweeted, “You’re telling me we should buy more #BTC?”

El Salvador’s Bitcoin Investment

Since Bitcoin was announced as legal tender a year ago, El Salvador has accrued an estimated 2,301 BTC.

The president of the country, Nayib Bukele, has made it a habit to “buy the dip” in recent months, often taking to Twitter to announce intentions to purchase Bitcoin at lower prices.

Before his recent response to his minister’s statement, the worth of the country’s bitcoin reserves was changing hands at around $71 million. However, it has since dipped to about $52 million due to the current market condition.

The massive dip comes as El Salvador continues to delay the issue of its highly anticipated “volcano bonds,” which were originally scheduled to launch in March 2022. The country chose to postpone the planned $1 billion offering, which is supposed to fund El Salvador’s “Bitcoin City,” following turbulence in the markets, Finance Minister Alejandro Zelaya said.

The bonds are basically seen as one of El Salvador’s last hopes of meeting its financing needs. The International Monetary Fund (IMF) has expressed concern about the sustainability of El Salvador’s bitcoin experiment and is unlikely to approve loan payments.

The World Bank also refused to help the country with its Bitcoin adoption plans when they were first announced in June 2021.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.