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El Salvador’s Bitcoin bet suffers from cryptocurrency meltdown


El Salvador has embraced Bitcoin like no other country, and the government bought hundreds of coins last year when it announced that the cryptocurrency would become a legal tender.

But as the cryptocurrency market cools, El Salvador’s investment is rapidly losing value – worth at least $ 50 million.

Since September 2021, the El Salvador government led by President Nayib Bukele has collected 2301 bitcoins worth $ 103 million. Now they are worth around 51 million dollars.

The broader crypto market, which grew rapidly during the pandemic, has fallen in recent months. On Monday, the value of Bitcoin fell below $ 24,000, marking the lowest level since December 2020.

Nevertheless, Bukele indicated on Tuesday that his enthusiasm for the cryptocurrency had not diminished.

Bukele responded to a reported comment from El Salvador’s finance minister that the decline represented only a small percentage of their national budget. twitret“You’re telling me we should buy more #BTC?”

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