Posted: Thursday, June 16, 2022. 2:20 pm CST.
By Zoila Palma Gonzalez: President Nayib Bukele of El Salvador has invested big into Bitcoin, the digital and best-known cryptocurrency. The plan was to build its economy around the cryptocurrency but the value of Bitcoin has now plunged.
According to reports by Mashable.com, El Salvador’s Bitcoin investments are worth about half of what President Bukele paid.
In October 2021, El Salvador bought 420 bitcoins at $60,300 each. Then in May 2022, it acquired 500 bitcoins for more than $30,700 each.
Now, the current price of Bitcoin is about $23,000 each and continues to fall.
The report noted that there wasn’t a single purchase made under the current value.
To date, the Central American nation holds 2,301 Bitcoin, valued at around $53 million at the time of publishing. That’s around 50 percent of the $105.6 million that President Bukele invested.
The country was already facing financial issues when in September 2021, Bukele managed to make El Salvador become the first country in the world to accept Bitcoin as legal tender.
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