El Salvador, a Central American country, is in a major crisis with the legalization of the virtual currency Bitcoin. The country’s president, Naib Buckley, is a big fan of Bitcoin. He bought bitcoin with income tax money collected from his people. Now the price of Bitcoin has come down by half. News Mashable.
In October 2021, Naib Bukele bought 420 bitcoins. Each was priced at $60,300. He bought another 500 bitcoins last May. At that time the price of each bitcoin was 30,700 dollars.
At present, the price of one bitcoin has come down to a standstill at $22,709. Prices are constantly falling. El Salvador has 2,301 bitcoins, valued at $ 53 million. But they invested $105.6 million in Bitcoin.
Bitcoin prices have fallen by half, causing an economic crisis in the country. However, even though the price has come down, Naib Buckel’s love for bitcoin has not decreased. He wanted to set up ‘Bitcoin City’ by raising funds by launching ‘Volcano Bonds’. Although the bond was due to be released in March, Buckley could not implement the plan due to falling Bitcoin prices. Bukle has not lost any money at all yet.
As long as he is selling bitcoin at this price, there is no danger of losing money. However, if the price of Bitcoin does not rise further, the country’s economic situation will be worse.
