Don’t worry. It can always be worse. You could be
El Salvador’s president, Nayib Bukele, is a big crypto bro and he’s invested big into Bitcoin. And when I say he invested in Bitcoin, I mean the El Salvadorian taxpayers have invested in Bitcoin because that’s whose money he’s used to buy Bitcoin.
As of June 13, 2022, El Salvador’s Bitcoin investments are worth
The current price of Bitcoin is around $23,000 and continuing to fall. This means that as of now, every purchase was a loser. There wasn’t a single purchase made under the current value.
The country of El Salvador currently holds 2,301 Bitcoin, valued around $53 million at the time of publishing. That’s around 50 percent of the $105.6 million that Bukele invested.
The crypto market has tanked over the past month and a half, plagued by a series of events like
This is obviously not good news for El Salvador, a country that was already facing financial turmoil. Bukele went all-in on Bitcoin, hedging his bets and even working to make El Salvador the
Shockingly, Bitcoin did not solve El Salvador’s problems. Bukele, who has been
The falling crypto market hasn’t changed Bukele’s mind on Bitcoin either. Bukele had planned to issue “volcano bonds” in order to raise
Now, it’s true that Bukele won’t have technically lost anything until he sells. Maybe if he keeps hodling, they’ll recoup some of the money he’s down. But time is not on El Salvador’s side. Thanks in part to these failed Bitcoin experiments, El Salvador looks like it may possibly
The apparent lesson is that, shockingly, gambling away taxpayer money on highly speculative crypto investments is not a good way to run a country.