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El Salvador Buys More Bitcoin Despite 57% Loss and Debt Woes (1)

July 1, 2022, 4:14 PM

El Salvador’s President Nayib Bukele is doubling down on his bet on cryptocurrencies, despite a brutal selloff in the market over the past months.

The government bought 80 Bitcoins on Thursday at the cost of $19,000 each, according to a tweet from Bukele. That brings the total amount the nation spent buying Bitcoin since it was approved as legal tender last year to $106.3 million, according to calculations by Bloomberg based on Bukele’s tweets. These holdings are now worth about $45.8 million, implying a 57% loss.

Bitcoin has tumbled 63% since Bukele’s first purchase in early September of last year. ...