ICYMI: El Salvador to inaugurate pet hospital said to be funded with bitcoin-related gains
When Bukele explained how the trust functions in his initial tweets about building the pet hospital, he noted that the government wasOver the past few months, several industry watchers have taken to analyzing what the country’s running bitcoin balance would be worth based on the average cost of the purchases and current bitcoin prices. One of these,, calculated on February 21 that the country would have had a loss of about $18.2 million based on market conditions at the time.
Whether El Salvador is making additional gains through trading is largely unclear, in part because the public does not have access to its wallet address. During a January broadcast of the local television news program Frente a Frente, a viewer asked El Salvador’s finance minister Alejandro Zelaya how El Salvador could have Bitcoin gains without selling the cryptocurrency.
“There is always some kind of trading going on,” Zelaya responded, noting that when the president announced a $4 million surplus, it is because trading had happened. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.