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The volatile bitcoin price resulted in El Salvador's bitcoin investments having lost approximately US$45 million with a bitcoin balance worth about US$76.5 million by September 2023. Mass adoption has been slowed by the absence of a coherent educational process across the country.
Milena Mayorga, El Salvador's ambassador to the United States, has said that El Salvador is still a "bitcoin country" and will maintain—and even expand—its bitcoin reserves.
As soon as the new spot Bitcoin ETFs launched, the price of Bitcoin skyrocketed by 122%. Bitcoin literally doubled in price, from $44,000 in January 2024 to over $100,000 by December.
As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador's President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency. The adoption of ...
In June 2021, president Nayib Bukele said he would introduce legislation to make Bitcoin legal tender in El Salvador. [19] The Bitcoin Law was passed by the Legislative Assembly on 9 June 2021, with a majority vote of 62 out of 84. Bitcoin officially became legal tender ninety days after the publication of the law in the official gazette. [20 ...
The Salvadoran government tried to rectify this by buying bitcoin, allowing the price to rise above 52,000 USD. [26] Due to concerns about bitcoin's volatility, as a result, over 1,000 protestors gathered outside the Supreme Court of El Salvador to protest the law. Chivo was initially rejected by many platforms early on the first day, but ...
El Salvador’s Bitcoin ‘Volcano Bond’ could be issued early next year after approval by regulator. ... Bitcoin’s price has retreated to about $41,300 as of Tuesday morning.
As the price of bitcoin rose to $44,000 in December 2023, Bukele announced that El Salvador's investment into bitcoin had broken even. [179] In March 2024, he stated that El Salvador had made a 50-percent profit from bitcoin.