El Salvador’s government has always displayed a great degree of enthusiasm for the cryptocurrency that is unrivalled by any other country. The country has started buying Bitcoin and investing in cryptocurrencies since September 2021. El Salvador became the first country in the world to recognise Bitcoin as a legal tender in 2021. However, its enormous bet on bitcoin and cryptocurrencies appears to have flopped. As the country’s bitcoin investment is rapidly losing its value amid the recent bitcoin price crash.
On June 15, El Salvador’s President, Nayib Bukele, tweeted: “You’re telling me we should buy more #BTC?” while responding to the Finance Minister, Alejandro Zelaya’s claim that a $40 million decrease in bitcoin investment doesn’t even represent 0.5% of their national budget. El Salvador FM stated that the crypto market crash has no impact on the country’s economy.
You’re telling me we should buy more #BTC? https://t.co/jwvn0A1kTb
— Nayib Bukele (@nayibbukele) June 14, 2022
The entire bitcoin market has witnessed a major decline in recent months, after experiencing significant growth during the pandemic. On June 13, the price of one bitcoin fell below $22,000, reaching its lowest level since December 2020. Bitcoin has lost over 30% of its value in the last 7 days and is projected to continue to lose value.
President Nayib Bukele has always been a strong supporter of Bitcoin. During the first bitcoin dip in May, he announced on Twitter that his country had purchased 500 more bitcoins on May 9. Currently, El Salvador possesses a total of 2,301 bitcoins. Last year, he even issued a trading advisory in September stating that “they can never beat you if you buy the dips.” Let’s see if he’ll take advantage of the current bitcoin price drop to offset the $40 million loss on their present BTC holdings.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
According to Coinmarketcap, Bitcoin (BTC) is trading at $20,594.97 at the press timing (16:23 IST). Bitcoin is down by 8.56% in the last 24-hours with a total trading volume of $45,568,354,507.
