El Salvador embraced bitcoin like no other country, with the government purchasing hundreds of coins last year when it announced the cryptocurrency would be legal tender.
But as the cryptocurrency market cools, El Salvador’s investment quickly loses value — to the tune of at least $50 million.
Since September 2021, the government of El Salvador led by President Nayib Bukele has amassed 2,301 bitcoins that were worth $103 million. Today, they are worth around $51 million.
The broader crypto market, which has grown rapidly during the pandemic, has seen a slump in recent months. On Monday, the value of bitcoin fell below $24,000, marking its lowest level since December 2020.
Nevertheless, Mr. Bukele hinted on Tuesday that his enthusiasm for cryptocurrency has not waned.
Reacting to a reported comment from El Salvador’s finance minister that the drop was only a small percentage of their national budget, Bukele tweeted, “You telling me we should buy more #BTC? »