{"id":479,"date":"2022-05-14T08:29:17","date_gmt":"2022-05-14T08:29:17","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/the-value-of-el-salvadors-bitcoin-holdings-drops-by-40b-due-to-the-ongoing-crypto-market-pullback\/"},"modified":"2022-05-14T08:29:17","modified_gmt":"2022-05-14T08:29:17","slug":"the-value-of-el-salvadors-bitcoin-holdings-drops-by-40b-due-to-the-ongoing-crypto-market-pullback","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/the-value-of-el-salvadors-bitcoin-holdings-drops-by-40b-due-to-the-ongoing-crypto-market-pullback\/","title":{"rendered":"The Value of El Salvador\u2019s Bitcoin Holdings Drops by $40B Due to the Ongoing Crypto Market Pullback"},"content":{"rendered":"<p>Cryptocurrency <\/p>\n<div>\n<div>\n<p>Summary: <\/p>\n<ul>\n<li>El Salvador&rsquo;s Bitcoin holdings have lost value by roughly $40 million<\/li>\n<li>This amount is almost equal to El Salvador&rsquo;s next coupon payment on its debt for the month of June, worth $38.5 million<\/li>\n<li>However, President Bukele has an 85% approval rating<\/li>\n<li>President Bukele also shared plans for the country&rsquo;s Bitcoin City<\/li>\n<\/ul>\n<p>El Salvador&rsquo;s Bitcoin holdings have been hard hit by the ongoing crypto market pullback that has seen Bitcoin lose several support zones in one week, <a href=\"https:\/\/en.ethereumworldnews.com\/michael-saylor-jokes-about-working-at-mcdonalds-bitcoin-tests-32k-support-level\/\" rel=\"noopener\" target=\"_blank\">from $38k<\/a> to the local low of $26,700 set yesterday, May 12th.<\/p>\n<p>According to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-12\/el-salvador-s-bitcoin-losses-are-as-big-as-its-next-bond-payment\" rel=\"nofollow noopener\" target=\"_blank\">a report<\/a> by Bloomberg, El Salvador&rsquo;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&rsquo;s next coupon payment on its debt for the month of June, worth $38.5 million.<\/p>\n<p>To note is that exactly four days ago, President Bukele announced that he had <a href=\"https:\/\/en.ethereumworldnews.com\/el-salvador-and-tron-dao-reserve-each-buy-500-bitcoin-amid-crypto-market-dump\/\" rel=\"noopener\" target=\"_blank\">purchased<\/a> an additional 500 Bitcoin at an average entry price of $30,744.<\/p>\n<h2>Cryptocurrency President Bukele&rsquo;s Approval Rating Stands at 85%<\/h2>\n<p>However, the unrealized loss of El Salvador&rsquo;s Bitcoin holdings has not dampened President Bukele&rsquo;s popularity in the country. According to a GALLUP poll <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1524570562332405760\" rel=\"nofollow noopener\" target=\"_blank\">he shared<\/a> via Twitter, President Bukele has an 85% approval rating, a 91% approval on his handling of <a href=\"https:\/\/en.ethereumworldnews.com\/bitfinex-tether-36-btc-families-in-el-salvador-affected-by-gang-violence\/\" rel=\"noopener\" target=\"_blank\">security measures<\/a> within the country, and a 97% approval rating for handling the COVID 19 pandemic.<\/p>\n<h2>Cryptocurrency President Bukele Shares Plans for El Salvador&rsquo;s Bitcoin City<\/h2>\n<p>Furthermore, President Bukele recently shared plans for the country&rsquo;s Bitcoin City through a Twitter thread where he shared his insights on its design and focused on green spaces. He explained: <\/p>\n<blockquote>\n<p><span>Bitcoin<\/span><span> City is coming along beautifully. Landmarks and all&hellip;And the airport.<\/span><\/p>\n<p>And no, the city won&rsquo;t be made up of golden metal; that is just the architect&rsquo;s choice of color for the scale model. The actual city will be mostly green (trees) and blue (sea).<\/p>\n<p>Trees everywhere<\/p>\n<\/blockquote>\n<p>Plans of El Salvador&rsquo;s <a href=\"https:\/\/en.ethereumworldnews.com\/el-salvadors-bitcoin-bond-could-go-live-between-march-15-20\/\" rel=\"noopener\" target=\"_blank\">Bitcoin city <\/a>can be found in the Tweets below by President Bukele.<\/p>\n<blockquote data-dnt=\"true\" data-width=\"550\">\n<p dir=\"ltr\" lang=\"en\">Trees everywhere &#128525; <a href=\"https:\/\/t.co\/kVUDHx2DlC\" rel=\"nofollow\">pic.twitter.com\/kVUDHx2DlC<\/a><\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1523869149990166528?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 10, 2022<\/a><\/p>\n<\/blockquote>\n<blockquote data-dnt=\"true\" data-width=\"550\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> City at night. <a href=\"https:\/\/t.co\/n6RXn9BkU0\" rel=\"nofollow\">pic.twitter.com\/n6RXn9BkU0<\/a><\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1523871462934913026?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 10, 2022<\/a><\/p>\n<\/blockquote>\n<p>[Feature image courtesy of President Nayib Bukele on Twitter]<\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/el-salvadors-bitcoin-drops-by-40b-due-to-the-crypto-market-pullback\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency Summary: El Salvador&rsquo;s Bitcoin holdings have lost value by roughly $40 million This amount is almost equal to El Salvador&rsquo;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&rsquo;s Bitcoin City El Salvador&rsquo;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&rsquo;s Bitcoin holdings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[182,181],"_links":{"self":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/479"}],"collection":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/comments?post=479"}],"version-history":[{"count":0,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media\/480"}],"wp:attachment":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media?parent=479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/categories?post=479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/tags?post=479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}