The Value of El Salvador’s Bitcoin Holdings Drops by $40B Due to the Ongoing Crypto Market Pullback

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Summary:

  • El Salvador’s Bitcoin holdings have lost value by roughly $40 million
  • This amount is almost equal to El Salvador’s next coupon payment on its debt for the month of June, worth $38.5 million
  • However, President Bukele has an 85% approval rating
  • President Bukele also shared plans for the country’s Bitcoin City

El Salvador’s Bitcoin holdings have been hard hit by the ongoing crypto market pullback that has seen Bitcoin lose several support zones in one week, from $38k to the local low of $26,700 set yesterday, May 12th.

According to a report by Bloomberg, El Salvador’s Bitcoin holdings have lost value by approximately $40 billion due to the ongoing crypto-wide pullback. Furthermore, the unrealized losses are almost equivalent to El Savaldor’s next coupon payment on its debt for the month of June, worth $38.5 million.

To note is that exactly four days ago, President Bukele announced that he had purchased an additional 500 Bitcoin at an average entry price of $30,744.

President Bukele’s Approval Rating Stands at 85%

However, the unrealized loss of El Salvador’s Bitcoin holdings has not dampened President Bukele’s popularity in the country. According to a GALLUP poll he shared via Twitter, President Bukele has an 85% approval rating, a 91% approval on his handling of security measures within the country, and a 97% approval rating for handling the COVID 19 pandemic.

President Bukele Shares Plans for El Salvador’s Bitcoin City

Furthermore, President Bukele recently shared plans for the country’s Bitcoin City through a Twitter thread where he shared his insights on its design and focused on green spaces. He explained:

Bitcoin City is coming along beautifully. Landmarks and all…And the airport.

And no, the city won’t be made up of golden metal; that is just the architect’s choice of color for the scale model. The actual city will be mostly green (trees) and blue (sea).

Trees everywhere

Plans of El Salvador’s Bitcoin city can be found in the Tweets below by President Bukele.

[Feature image courtesy of President Nayib Bukele on Twitter]



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