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El Salvador’s Bitcoin play: What does the current slump mean for adoption?

Published 05/24/2022, 09:03 AM
Updated 05/24/2022, 10:40 AM
El Salvador’s Bitcoin play: What does the current slump mean for adoption?

It was September 6, 2021, when the Central American nation of El Salvador decided to go ahead and purchase 200 Bitcoin (BTC), worth about $10.3 million at the time. The day was hailed as momentous in the history of the crypto market and was met with much fanfare. In fact, many proponents claimed that the purchase was just an inkling of what really lay ahead in terms of a global crypto-driven economy.

However, a lot has changed since then, especially with BTC losing 55% off its value after scaling up to its November all-time high of $69,000. And, with Bitcoin’s value seemingly in a downward spiral at the moment, many critics have ramped up their criticism of El Salvadoran President Nayib Bukele and his decision to keep lapping up more BTC.

A bitcoin ATM in El Zonte. Source: Karlalhdz

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Latest comments

from 8 billion people of world, only 330 million are in the market economics is demand and supply if 3 billion come to market then bitcoin rises to your wishes
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