El Salvador has made significant investments in bitcoin and related infrastructure as part of a daring strategy to develop its economy around the cryptocurrency, but its value has already collapsed.
Bitcoin's value has dropped by 22% in the last five days as investors race to sell the cryptocurrency amid concerns that an asset bubble is about to burst.
After the world's most popular cryptocurrency lost a trillion dollars in value in two months, the average bitcoin buyer is now in the red.
El Salvador, which gambled its economy on bitcoin's success when it became the first country to make cryptocurrency legal tender in September 2021, has lost more than half of its bitcoin assets, and the fall could spell the end of its national crypto experiment.
Bukele has purchased more each time its value has plummeted, live-tweeting the acquisitions.
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Read more: https://www.newscientist.com/article/2324810-what-will-the-crypto-crash-mean-for-bitcoin-nation-el-salvador/#ixzz7WVY91rmy
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