I am sure that it is worth looking for a very thin level between whether to use bitcoin, and if so, in what volumes. I think it's pretty important.
At Which volume, i don't think that's so important in this situation, since Bitcoin is a decentralized currency and being used and adopted as an alternative currency in El Salvador, the volume at which the country reserve stands is what is important and since 1 Bitcoin= 1 Bitcoin and the 2,301 holding is still intact El Salvador government...
Sure, but we should not ignore the obvious consequences of the bear market we seem to be going into.
The fact that El Salvador (and other institutional investors) is in the zone of unrealized losses will be use as ammo by the detractors of Bitcoin and decentralization as a whole. I would not feel suprised if the FMI and the World bank started to issue some official declarations against the "unwise" investment made by the Salvador in Bitcoin, I would not feel surprised either if some protests started there under the narrative that the president is gambling the mony of the people away, etc.
We all know Bitcoin has powerful enemies and during this bear market they weill show up again, wielding as well the Terra-Luna and Celsius cases as extra ammo to seed the FUD around the community and the people of Salvador.