El Salvador's Finance Minister, Alejandro Zelaya, said he was "laughing" at the international media's claims that the country's Bitcoin adoption plans could upset the economy, creating a $40 million vacuum in the country's economy.
Journalists asked the minister, speaking at the press conference, about the German media outlet Deutsche Welle's news that the $40 financial risk has regressed the economy.
“This is a critique of Bitcoin, not El Salvador. The thing that interests them least here is El Salvador. That's why it makes me laugh when they say that El Salvador's economy is at risk due to Bitcoin adoption. I think serious economists do that too, because this is a very superficial analysis. They speak ignorantly."
El Salvador's Finance Minister also attacked critics who calculated "losses" based on the market price of BTC at the time of purchase and the current price where Bitcoin fell towards $20,000.
The finance minister Alejandro Zelaya said that even if the losses amounted to $40 million, that was an insignificant amount compared to the sums said to have been embezzled from the national economy by former Salvadoran Presidents Mauricio Funes and Antonio Saca.
The Minister stated that the risks associated with BTC investment are extremely small and added:
"They say Bitcoin losses could be $40 million, so how much did Funes steal? $351 million. How much did ex-President Saca steal? $300 million."
He also pointed to "$500 million" of financial irregularities related to the El Chaparral hydroelectric power plant project, saying that experts did not describe it as a "financial risk".
Bitcoin (BTC) is trading at $22,172 at the time of writing the news. The price fell 4.8% in a day and 29.2% in a week.