Express
El Salvador Minister Says Bitcoin Crash Poses Extremely Minimal Fiscal Risk
Summary: According to Reuters, El Salvador's Finance Minister Alejandro Zelaya on Monday dismissed concerns that a sharp drop in the value of bitcoin could hurt the nation's fiscal health. "When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile," Zelaya said ...
According to Reuters, El Salvador's Finance Minister Alejandro Zelaya on Monday dismissed concerns that a sharp drop in the value of bitcoin could hurt the nation's fiscal health. "When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile," Zelaya said at a press conference. "The fiscal risk is extremely minimal."
Since last September, El Salvador's government has purchased 2,301 units of the cryptocurrency, which fell on Monday to its lowest value since 2020. Zelaya cited an earlier estimate from Deutsche Welles that the country's bitcoin portfolio had lost some $40 million in value. "Forty million dollars does not even represent 0.5% of our national general budget," he said.
By Amy Liu
Tags: Bitcoin,El Salvador
Link: El Salvador Minister Says Bitcoin Crash Poses Extremely Minimal Fiscal Risk [Copy]
