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Friday, June 27, 2025

As bitcoin and other cryptocurrencies crash, losses could be felt in stock markets and real economies - ABC News

Contrary to popular belief, Nayib Bukele isn't completely off the pace.
The youthful, handsome and hipster president of El Salvador — who sports a close-cropped beard and gets about in baseball caps turned backwards — has copped a great deal of flak from global monetary authorities and raised eyebrows even amongst his neighbours.
As the first country in the world to legitimise bitcoin after adopting it as legal tender last September, El Salvador's timing was, to put it delicately, unfortunate.
That was made worse by Mr Bukele, sometimes described as the "world's coolest dictator", and his decision not only to buy a large pile of the digital currency last year, but to continue throwing the impoverished nation's finances at it even as the price tanked.
But his plans to build a bitcoin city, in the shape of a coin and with the currency's emblem festooned in the central square, was not without foresight.
Located beneath a volcano, the city was to be powered by geothermal energy and...



Read Full Story: https://www.abc.net.au/news/2022-06-27/why-the-crypto-crash-could-hit-stocks/...

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