El Salvador's Bitcoin price plunges further

President Bukele said on July 1 that El Salvadoran had bought another 80BTC at $19,000 per token. "Thank you for selling cheap," he said. The market downturn has resulted in renewed condemnation of using public funds to pay for the Bitcoins experiment. El Salvadoran is down tens of millions of dollars with BTC losing 63% of its value since the Bitcoin legal tender law was passed.

In a recent interview with Julio Sevilla, a University of Georgia professor said the experiment doesn't pose a threat to El Salvador.

El Salvadoran is down $60.8 million on the loss ofBitcoin.

According to the website nayibtracker.com, El Salvador's Bitcoins portfolio is 2,301 BTC with a total cost of $105,635, 283, making an average buy price of $45,908 per token.

El Salvadoran was down $60,983, 403 on its investment at the current price.

For the latest buy, the average buy price drops to $45,004, making a current loss of $60,834, 550.

Milena Mayorga, El Salvadoran ambassador to the U.S., stated on June 28 that the country has committed to a $200 million investment program in solarBitcoin mining in the municipality of Chalatenango.

Journalist Ricardo Valencia panned the move, saying it makes little sense to produce energy for BTC mining when El Salvador is a net importer of energy.

El Salvadoran plans for Volcano Bonds issuance are delayed. Finance Minister Alejandro Zelaya said current market variants are unfavorable for the issuance. He expects things to change after September.

Volcano Bonds are a $1 billion capital raise, in which the bonds are backed by revenue earned by mining using geothermal power from the Conchagua volcano, located in the south-east of the country overlooking the Gulf of Fonseca.