El Salvador’s Bitcoin investment suffers amid crypto meltdown
El Salvador’s government purchased hundreds of coins of bitcoin last year and had announced that cryptocurrency would become a legal tender. El Salvador’s investment, however, is now rapidly losing value. The investment has lost approximately $50 million.
The 2,301 bitcoins amassed by the government since September 2021 were initially worth $103 million. The coins are now worth $51 million. On Monday, bitcoin dropped below $24,000, the lowest level since December 2020. President Nayib Bukele has suggested that his enthusiasm for the cryptocurrency has not decreased despite this setback.