But as the cryptocurrency market cools, El Salvador’s investment is rapidly losing value — amounting to at least $50 million.
Since September 2021, the government of El Salvador led by President Nayib Bukele has accumulated 2,301 bitcoins worth $103 million. Now they are worth about $51 million.
The broader crypto market, which grew rapidly during the pandemic, has collapsed in recent months. On Monday, Bitcoin’s value fell below $24,000, its lowest level since December 2020.
Nevertheless, Bukele suggested on Tuesday that his enthusiasm for the cryptocurrency had not diminished.
In response to a reported comment by El Salvador’s finance minister that the decline represented only a small percentage of their national budget, Bukele
tweeted“You’re telling me we should buy more #BTC?”
Ana Cooban of DailyExpertNews contributed to the report.