El Salvador's unprecedented adoption of bitcoin seems to have hit a rough patch lately.
Bitcoin has fallen nearly 70% since reaching nearly $69,000 in November 2021. The global fall in bitcoin prices has hurt El Salvador, which is already struggling with a massive debt crisis.
The Central American nation has seen its investments worth $105 million for 2,301 bitcoins drop by over half in value to around $51 million.
However, President Nayib Bukele, a bitcoin enthusiast, remains optimistic. On Wednesday, Mr Bukele hinted that the country might buy more bitcoin.
El Salvador was one of the early bidders to became the first country to adopt bitcoin as a legal tender in September 2021.
You're telling me we should buy more #BTC? https://t.co/jwvn0A1kTb
— Nayib Bukele (@nayibbukele) June 14, 2022
“Governments invest knowing the risks involved in every asset class, keeping a long-time horizon in mind. El Salvador will continue investing in bitcoin with confidence,” believes Jin Gonzalez,...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...