El Salvador loses 36 million dollars with the fall of bitcoin | News


El Salvador lost some 36.1 million dollars as a result of the fall in the price of the cryptocurrency market, one of which, bitcoin, was converted into legal tender last September by the Nayib Bukele government, who made buy with public money more than 2,000 units between then and last Monday.


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From the fall in global markets, caused by the uncertainty of the conflict in Eastern Europe, inflation and the increase in interest rates by the Federal Reserve in the United States, the price of the most popular cryptocurrency in the The world has slumped more than 50 percent from its all-time highs.

With it, the bonds of the Government of El Salvador have also plummeted, which are trading at 40 percent of their original value, reflecting doubts on the part of investors that the country can meet the next payment of its debt. .

President Bukele has announced through his Twitter account the purchase of bitcoin on nine occasions, taking advantage of buying when the price was experiencing a drop.

However, there is no official knowledge of the expenses, methods and commissions paid by the Government to supposedly acquire those bitcoins that it keeps in its reserve or if it has sold any of these.

The first of these purchases was on September 6 (one day before the Bitcoin Law came into force), when he bought 400 bitcoins worth 20.7 million dollars, at a time when the cryptocurrency was valued at 51,800.

On September 7, he acquired 150; on the 19th of that same month he bought another 150 bitcoins; on October 27 another 420 tokens (the most expensive, when it was quoted at 58,924); on November 26 an additional 100; on December 3 another 150; on December 21, another 21 and on January 21, 410 more.

The last known purchase was last Monday, when he spent about 15.3 million to buy another 500 bitcoins (the highest number of tokens). In total, it is estimated that the Salvadoran bitcoin reserve to date is 2,301 cryptocurrencies in which 103.1 million dollars would have been spent.

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