El Salvador’s bitcoin bet hit by cryptocurrency crash

But as the cryptocurrency market cools, El Salvador’s investments are rapidly losing value — at least up to $50 million.

Since September 2021, the Salvadoran government, led by President Naib Bukele, has accumulated 2,301 bitcoins worth $103 million. Now they are worth about 51 million dollars.

The broader crypto market, which grew rapidly during the pandemic, has crashed in recent months. Bitcoin fell below $24,000 on Monday, its lowest level since December 2020.

However, Bukele suggested on Tuesday that his enthusiasm for the cryptocurrency has not waned.

Reacting to a message from El Salvador’s finance minister that the fall was only a small percentage of their national budget, Bukele tweeted“Are you telling me we should buy more #BTC?”

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