But as the cryptocurrency market cools off, El Salvador’s investment is rapidly losing value — to the tune of at least $50 million.
Since September 2021, the El Salvador government led by President Nayib Bukele has amassed 2,301 bitcoins that were worth $103 million. Now, they are worth around $51 million.
The wider crypto market, which grew rapidly during the pandemic, has taken a tumble in recent months. On Monday, the value of Bitcoin fell below $24,000, marking its lowest level since December 2020.
Nevertheless, Bukele on Tuesday suggested his enthusiasm for the cryptocurrency had not waned.
Reacting to a reported comment from El Salvador’s finance minister that the drop represented only a small percentage of their national budget, Bukele tweeted, “You’re telling me we should buy more #BTC?”