Summary:
- El Salvadorโs Bitcoin holdings have lost value by roughly $40 million
- This amount is almost equal to El Salvadorโs 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 countryโs Bitcoin City
El Salvadorโs 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 Salvadorโs 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 Savaldorโs 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 Bukeleโs Approval Rating Stands at 85%
However, the unrealized loss of El Salvadorโs Bitcoin holdings has not dampened President Bukeleโs 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 Salvadorโs Bitcoin City
Furthermore, President Bukele recently shared plans for the countryโs 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 allโฆAnd the airport.
And no, the city wonโt be made up of golden metal; that is just the architectโs choice of color for the scale model. The actual city will be mostly green (trees) and blue (sea).
Trees everywhere
Plans of El Salvadorโs Bitcoin city can be found in the Tweets below by President Bukele.
Trees everywhere ๐ pic.twitter.com/kVUDHx2DlC
โ Nayib Bukele (@nayibbukele) May 10, 2022
#Bitcoin City at night. pic.twitter.com/n6RXn9BkU0
โ Nayib Bukele (@nayibbukele) May 10, 2022
[Feature image courtesy of President Nayib Bukele on Twitter]
