The ongoing crypto market crash poses an “extremely minimal” fiscal risk to El Salvador, which has purchased millions in Bitcoin for its treasury, the country’s finance minister said on Monday.

“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,” El Salvador’s finance minister Alejandro Zelaya said at a press conference, per a Deutsche Welle report.

He added that, “any serious economist should feel the same because it is really a very superficial analysis and they speak only from ignorance,” adding “the fiscal risk is extremely minimal”.

The market value of Bitcoin acquired by the government of El Salvador since last year has plunged from approximately $103 million to some $50 million as of today.

El Salvador became the first country to make Bitcoin legal tender last September, brushing aside sharp criticism from the International Monetary Fund (IMF). Since then the Central American nation acquired a total of 2,301 Bitcoin, spending $103 million across ten purchases.

The last time El Salvador bought Bitcoin was on May 9, when President Nayib Bukele said the government purchased another 500 BTC during the market’s decline. That purchase, worth roughly $15.3 million at the time, is now worth around $10 million.

Since then, the price of Bitcoin plunged by more than 26% from above $30,000 to $22,220 at the time of writing.

No sale, no loss

During the press conference, Zelaya also cited Deutsche Welle’s earlier estimate that El Salvador’s Bitcoin portfolio had lost some $40 million in value,…

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