Home
News
- Military conflict and geopolitical upheaval may have an impact on bitcoin’s performance in the cryptocurrency market. This is the opinion of Alejandro Zelaya, El Salvador’s Minister of the Treasury, who linked these variables to the delays in the introduction of the volcanic bonds.
- Experts who have criticized the government of El Salvador’s bitcoin acquisitions through its president, Nayib Bukele, have been chastised by Zelaya. El Salvador currently has around 2,500 bitcoins in its wallets, purchased at various rates, with Bukele claiming to have bought the dip numerous times.
- With the outbreak of the Russian-Ukraine conflict, many crypto assets were converted into investments in companies involved in the arms sector. Transfers of investments were made to the pharmaceutical business in some circumstances, and to agricultural supply companies in others.
El Salvador’s Treasury Minister, Alejandro Zelaya, indicated that the present war between Ukraine and Russia has influenced and disrupted the price of bitcoin on international markets. As a result of the disruption, Zelaya indicated that it was not possible to issue the volcanic bonds, which were declared by President Nayib Bukele last year to fund the development of the Bitcoin City.
El Salvador’s Treasury Minister Claims That The Conflict Is Influencing Bitcoin Prices
Military conflict and geopolitical upheaval may have an impact on bitcoin’s performance in the cryptocurrency market. This is the opinion of Alejandro Zelaya, El Salvador’s Minister of the Treasury, who linked these variables to the delays in the introduction of the volcanic bonds. During an interview with a local television network, Zelaya said he believes some investors shifted capital to other industries during the Russia-Ukraine conflict. He explained:
With the outbreak of the Russian-Ukraine conflict, many crypto assets were converted into investments in companies involved in the arms sector. Transfers of investments were made to the pharmaceutical business in some circumstances, and to agricultural supply companies in others.
Furthermore, Zelaya stated that now is not the time to issue El Salvador’s volcano bonds because of the price disruption caused by the aforementioned conflict. These bonds, which will be used to fund a portion of the Bitcoin City, which is expected to run entirely on geothermal energy, were initially scheduled to be released in the first three months of this year.
HODL Mode Has Been Enabled
Experts who have criticized the government of El Salvador’s bitcoin acquisitions through its president, Nayib Bukele, have been chastised by Zelaya. El Salvador currently has around 2,500 bitcoins in its wallets, purchased at various rates, with Bukele claiming to have bought the dip numerous times.
Zelaya stated that these bitcoins were not obtained with the intention of reselling them, and that there was no loss associated with the acquisition because they were not traded for other assets. He explained: When we haven’t actually sold the coin, they always come out and declare they’ve lost. You keep the coins if you don’t sell them, and you wait for the price to rise again.
ALSO READ: Bitcoin of America Announced The Addition Of Shiba Inu (SHIB) To Its Bitcoin ATMs
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
