El Salvador's investments in BTC has gone into negative territory
Due to the decline in the coin’s exchange rate, the losses amounted to about $12 million
15.01.2022 - 09:15
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What’s new? According to Bloomberg, El Salvador invested about $71 million in bitcoin, buying at least 1391 coins. But the country lost almost 14% of its investment in dollar terms because of the first cryptocurrency's depreciation.
How does the country's government act in this situation? Finance Minister Alejandro Zelaya said that El Salvador has converted some bitcoins back into US dollars. No further details are available, as the country's government keeps all the addresses and transactions secret.
How does the President of El Salvador comment on the incident? Despite the situation, Nayib Bukele remains optimistic. Earlier this year, he predicted that bitcoin will reach the $100 000 milestones by the end of 2022. The president is not about to give up on his plans to develop the world's first crypto country. The aggressive bitcoin buying in El Salvador began in September after the country legalized the cryptocurrency.
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