El Salvador’s over $100 million Bitcoin purchase is now worth $66 million
Adoption Bitcoin El Salvador IMF President Nayib Bukele

The purchase of Bitcoin in excess of $ 100 million El Salvador is now worth $ 66 million

El Salvador’s Bitcoin (BTC) investment is performing badly, with the value of its more than 2,000 units falling by about $ 40 million. The decline in value has resulted in Bitcoin falling to its lowest price in more than a year due to current market realities.

El Salvador’s Bitcoin Holdings in Red

El Salvador spent about $ 105 million on its Bitcoin purchases, but its holdings were worth about $ 66 million on May 12.

President Nayib Bukele made a legal offer of Bitcoin in the country in September 2021 to improve its economy. El Salvador also became the first sovereign nation to buy Bitcoin.

According to CryptoSlate data, the value of BTC has fallen 45% since El Salvador bought its first coins.

However, the losses did not affect the country, as President Bukele indicated that he took advantage of the recent price reduction to buy an additional 500 BTC.

One thing I always admired about Steve Jobs was that he didn’t even look at Apple’s stock price.

He knew where his company was going.

The stock market will follow, when they understand.

1 #BTC = 1 #BTC

– Nayib Bukele (@nayibbukele) June 6, 2021

The president of the Central American country said in a recent tweet that the rest of the world would understand “1 BTC = 1 BTC” regardless of its price performance.

What do the losses mean for El Salvador?

For a country in debt like El Salvador, there has been a lot of criticism of investments in volatile assets like Bitcoin.

A Bloomberg report made it clear that the country’s losses on Bitcoin equate to the next interest payment to bondholders, due on June 15th.

The former case was taken by former President of the country’s Central Bank, Carlos Acevedo. He said the investments are Bitcoin

Risk because it is an extremely volatile asset, and it is an investment that is entirely at the discretion of the president. He buys it on his phone when he wants to take advantage of the swim, but he does not do it properly because when he buys, there is always a bigger swim.

Because of this lack of accountability or the actions of President Bukele, its citizens are divided and the country’s relations with agencies such as the International Monetary Fund (IMF) are strained. Talks between El Salvador and the IMF on an extended funds facility have stopped since last year.

In addition, U.S. officials have also expressed concern about the country’s decision to adopt BTC as a legal tender. In February, several lawmakers proposed a Bill to review how the U.S. can protect itself against El Salvador’s Bitcoin decision.

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