El Salvador Rides Crypto Crash - Bitcoin Stake HALVED
After the bold step to become the first country to adopt Bitcoin as legal tender, El Salvador is feeling the strain of the current cryptocurrency crisis as its almost $100mn investment has halved in value.
President Nayib Bukele plunged another $15mn into the biggest crypto last month at $30k, celebrating with a tweet boasting “El Salvador just bought the dip” only to see a third of that wiped off.
Plans remain in place to build a “Bitcoin City” powered by volcanic geothermal energy and funded by the sale of $1bn of Volcano Bonds - yet to go on sale - despite IMF urges to abandon the crypto gamble.
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