• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Bukele’s El Salvador 23% Down On Bitcoin Investments Less Than A Year Since Adoption

Anifowoshe Ibrahim by Anifowoshe Ibrahim
4 months ago
in Bitcoin, Crypto News
0

El Salvador’s bitcoin experiment has been ongoing for less than a year. Things aren’t going as smoothly as the small Central American country had hoped, at least in terms of bitcoin investments as the crypto market enters a bloodbath.

El Salvador Bitcoin Experiment

Last June, El Salvador’s President Nayib Bukele shocked the globe by announcing that the country would become the first to use Bitcoin as legal cash.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Three months later, El Salvador passed the legislation, which drew criticism from global financial institutions such as the World Bank, IMF and the Bank of England.

El Salvador’s legalization of Bitcoin was opposed by Economist Steve Hanke. According to the expert, the decision will “completely collapse” El Salvador’s economy. He slammed the move as “stupid.” His explanation is that El Salvador is a dollarized country, and making Bitcoin legal tender will harm the economy.

While Bukele disregarded the criticism, the country continues to engage with bitcoin and the community in a number of important ways. Building BTC-oriented schools, setting up ATMs, mining the cryptocurrency utilizing the country’s volcanic power, and, perhaps most importantly, plans to construct a Bitcoin City were among them. With the latest purchase being 410 bitcoin for $15 million just yesterday.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Prior to the last purchase, the country had spent $70,561,800 on its Bitcoin stash. This indicates that El Salvador has allocated around $85,600,000 in bitcoin with the new cash injection.

Related article | El Salvador Plans To Give Small Businesses Low Interest Bitcoin-Backed Loans

Spending more than $85 million in less than six months on a volatile asset like bitcoin is dangerous on its own. Buying ahead of the $69,000 price peak and then seeing a 50% fall can surely put pressure on Bukele’s administration.

BTC achieved the aforementioned ATH in mid-November, but then began a downward trend in the months that followed. The most recent pullback occurred in the last few days, with BTC losing nearly $10,000 to reach its lowest price since before El Salvador legalized cryptocurrencies.

El Salvador BitcoinBTC/USD trades at $36,700. Source: TradingView.

Bitcoin is currently trading about $36,700, up $3,700 in the last 24 hours. Nonetheless, it means that El Salvador’s BTC investment is down by more than 23%. This is due to the fact that the entire stockpile of 1,801 coins is now worth slightly less than $66 million.

Bukele Unconcerned

Bukele seems unfazed. He joked on Twitter about a new job at McDonald’s. He made remarks towards non-believers the day before.

Most people go in when the price is up, but the safest and most profitable moment to buy is when the price is down. It’s not rocket science 🤷🏻‍♂️

So invest a piece of your McDonald’s paycheck in #Bitcoin

Now go back to flip more burgers you lazy fvçk!

— Nayib Bukele 🇸🇻 (@nayibbukele) January 24, 2022

Bukele’s witty tweet is part of a widespread online meme in which long-term investors of crypto assets, popularly known as HODL’ers or those who “hold on for dear life,” joke about their future jobs if their investments tank.

Related article | McDonald’s, Pizza Hut, Fast Food Chains In El Salvador Adopt Bitcoin Standard, Will They Hold?

Feature Image From Unsplash and Charts From TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Crypto.com

Crypto.com Steps Up To Boost Security And Privacy Studies Via Donations

13 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

16 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

18 hours ago
South Korean Regulators Introduce New Licensing Frameworks To Protect Cryptocurrency Investors

South Korean Regulators Introduce New Frameworks To Protect Cryptocurrency Investors

21 hours ago
Crypto

Now You Can Pay In Crypto And Buy A Tag Heuer Watch Online

1 day ago
Ripple

Ripple To Fund The Acceleration Of Global Carbon Markets; Dedicates $100M

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.