El Salvador has now lost around $66 million after spending $103 million on a Bitcoin treasury.
El Salvador’s Bitcoin wager doesn’t seem to be paying off.
As Bitcoin prices drop to their lowest point since December 2020, the value of 2,301 Bitcoin bought by the Latin American nation has fallen by $37 Million.
According to data compiled by Bloomberg HTML1, President Nayib Buke spent $103 million on Bitcoin after El Salvador legalized the currency last year. El Salvador’s Bitcoin Treasury currently has a value $65.6 million.
Bukele announced on May 9 that he had bought another 500 BTC. He tweeted that El Salvador was “buying a dip” The purchase was valued at $15.3 million and is now worth $14.1 million.
El Salvador was the first country to legalize Bitcoin on September 7, 2017. El Salvador also purchased 150 Bitcoin in September and another 420 Bitcoin in October.
Bukele was criticized for not being transparent about El Salvador’s Bitcoin holdings management. El Salvador controls the private keys and the use public money to finance the president’s Bitcoin project.
Despite warnings by the U.S. Officials from the U.S., the banking sector and the International Monetary Fund warned of his intentions. Despite protests by his citizens against Bitcoin adoption, Bukel has not stopped his plans. He recently revealed his plan for a “Bitcoin City.”
According to CoinMarketCap data, Bitcoin lost 58.89% since November 2021 when it reached $68,789 per coin. It is currently trading at $28,404.66.
