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we don't know the back up plans of el salvador. but definitely, the president won't compromise the welfare of his people. they already did calculate the risks involved so maybe, they have very good allowance about the up and down movement of prices. also, they are not losing if they are not selling their BTC. as of now, we know they are still buying at this price level. in time, we will see if their decision going into crypto is worth their resources to risk. we can't say their investments are under water. because they are not selling.
It is really amusing to see that El Salvador is still investing at this price and this should be their back up plan to invest rather than investing when the price was around $45k which means they are not calculating the risk potential. It is true that as long as they are not selling off their investment and could possible hold them till the next rally he would be a popular president but the fact is that the term for Nayib Bukele ends before the next halving and possibly the next rally.
Well I think Nayib Bukele acting like a whale right now and it seems he perfectly understands the bitcoin behavior that from time to time bitcoin price will increase. But I have worried about the future if those coins that they are holding will suddenly sell them all at once to gather profit. This would really have an effect on the market if ever that will happen --what do you think?
However, this is good news and possible bitcoin price will recover soon and holders may receive rewards.