Did El Salvador’s Bitcoin (BTC) Holdings Get Caught Up In The FTX Mess?

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El Salvador’s Bitcoin (BTC) journey has been closely followed by the media and is sparking a continuous debate on whether or not the government’s innovative approach to BTC will help tackle the small Central American nation’s economic issues. Even though the country’s BTC stash is deeply in the red, the adoption brought about a couple of important positive changes in different areas.

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EL SALVADOR 2021:GDP +10.3%Tourism income +52%Employment +7%New businesses +12%Exports +17%Energy generation +19% Energy exports +3,291%Internal revenue +37% (without tax increases)2022 Crime & Murder rate DOWN 95%#Bitcoin is a winning strategy!

— Bitcoin Archive (@BTC_Archive) November 6, 2022

The ongoing FTX crypto exchange downfall is a quickly spreading contagion that’s getting harder to avoid even for those crypto investors without directly linked funds. As the bloodthirsty bears pursue FTX (FTT), the native token of the fallen crypto exchange, Solana (SOL), Dogecoin (DOGE), and even the largest crypto assets BTC and Ethereum (ETH), have all swallowed the pill of the unforgiving crypto winter.

El Salvador's bitcoin holdings were on FTX pic.twitter.com/6w83KCmT5p

— Huck (@huckleberrygump) November 9, 2022

Unconfirmed Sources Say El Salvador’s BTC Was On FTX

According to President Nayib Bukele’s portfolio tracker, El Salvador’s crypto portfolio stands at $39,026,947.19, which indicates a 63.58% deficit. Out of 11 publicly made purchases, only one was below the $30,000 zone, when Bukele ‘bought the dip’ at $19,000 apiece.

Further on, the crypto community on Twitter shared a post today by unconfirmed sources claiming El Salvador’s BTC investments were held on the decaying FTX exchange. Several well-known social influencers stepped in to ask the same question, including the YouTuber David Gokshtein, the founder of crypto-focused Gokhshtein Media.

Question : Are the rumors true that El Salvador might have been holding their $BTC on FTX? Question. Question. A Question.

— David Gokhshtein (@davidgokhshtein) November 9, 2022

What’s Really Going On With El Salvador’s BTC Stash?

The mystery around El Salvador’s big bag of BTC escalated further after ALAC El Salvador, a non-governmental organization that’s aiming to fight corruption, was denied info on Nayib Bukele’s BTC transactions by BANDESAL, the bank controlled by El Salvador’s government.

Besides, BANDESAL is the bank that made a special $150 million trust fund to successfully implement BTC into the everyday lives of El Salvador’s citizens. The bank officially rejected the anti-corruption organization’s request on the grounds of privacy and confidentiality. This comes just a few months after El Salvador’s government had to postpone the highly anticipated BTC Volcano bonds once again.

On the Flipside

• El Salvador’s government had previously expressed distrust in the Federal Reserve, International Monetary Fund (IMF) and several other centralized banking institutions.
• The progress in making BTC legal tender is seen by the fact that El Salvador has over 200 BTC cash machines.
• Because of the pioneering approach towards BTC, El Salvador’s tourism sector is flourishing. Both international and domestic travel has recently hit a five-year high.

Why You Should Care

El Salvador’s development is crucial for crypto adoption, as the small Latin American country is the first in the world to adopt BTC as legal tender.

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