El Salvador ; Bitcoin crash erases $36 million in value from El Salvador government's massive crypto investment as national debt grows
Hannah Towey
Fri, May 13, 2022, 3:34 AM·2 min read
In this article:
Nayib Bukele
President of El Salvador
A store that accepts bitcoins in El Zonte, La Libertad, El Salvador on September 4, 2021.MARVIN RECINOS/AFP via Getty ImagesMore
El Salvador, the first country to make bitcoin legal tender, racked up $36 million in cryptocurrency losses on Thursday.
The popular cryptocurrency plummeted 50% from its all-time high this week.
The government bought an additional 500 coins at $30,744 each on Monday, President Nayib Bukele said.
El Salvador – which became the first country to make bitcoin legal tender in September — has lost $36 million in cryptocurrency as bitcoin plummeted over 50% from its all-time high on Thursday.
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