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The Ongoing Crypto Market Pullback

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…

has caused El Salvador’s Bitcoin Holdings to drop by $40B

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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 discussed 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, President Bukele’s unrealized loss in El Salvador’s Bitcoin holdings have not lowered his popularity. 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 shared plans for the country’s Bitcoin City via a Twitter thread, where he shared his thoughts on its design and focused primarily on green spaces. He explained:

Bitcoin City is coming along beautifully. The airport is also a landmark.

And no, the city will not be made of gold metal. That is simply the architect’s choice for scale modeling. The actual city will be dominated by trees and sea.

Trees everywhere

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

Trees

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