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 wider crypto market, which grew rapidly fell sharply during the pandemic in recent months. Bitcoin price on Monday fell below $24,000, the 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?”