El Salvador benefits from bitcoin, despite the country’s crypto investments falling by 50%

According to the Minister of Finance of El Salvador, the country is benefiting from bitcoin despite a 50% drop in the value of the country’s crypto investments.

According to Finance Minister Alejandro Zelaya, the use of bitcoin as a means of payment has made it possible to provide financial services to the country’s population that does not use bank cards. The cryptocurrency also helped El Salvador attract financial investments and start developing tourism in the country.

«For some people, cryptocurrency is something new and something they don’t understand at all. However, we have to accept that digital assets exist, are gaining popularity, and will continue to develop in the near future,» Alejandro Zelaya emphasized.

At the end of June, El Salvador’s President Nayib Buchele called on the crypto community not to panic over the market’s decline: «I see that many people are worried and very nervous about the market rate of bitcoin. My advice is to stop looking at the charts and enjoy life. If you bought bitcoins, your investment is safe. And after this bearish cycle is over, the BTC rate will rise strongly. Patience is golden.»

Currently, El Salvador’s bitcoin reserves amount to 2,381 BTC, worth $ 57 million at the time of writing. According to the Nayib Tracker, the value of the country’s crypto investments fell by 47% or $ 50 million.