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El Salvador’s Bitcoin bet suffers amid crypto meltdown
But as the crypto market cools, El Salvador’s investment is rapidly depreciating — to at least $50 million.
Since September 2021, the El Salvador government led by President Nayib Bukele has amassed 2,301 bitcoins worth $103 million. Now, they’re worth about $51 million.
The broader cryptocurrency market, Speed up during the pandemic, has caused quite a stir in recent months. On Monday, the value of Bitcoin fall down $24,000, marking the lowest level since December 2020.
However, on Tuesday, Bukele suggested that his enthusiasm for the cryptocurrency has not waned.
Reacting to a reported comment from El Salvador’s finance minister that the drop represents only a small percentage of their national budget, Bukele tweeted“Are you telling me we should buy more #BTC?”