El Salvador Faces Turmoil as Bitcoin Value Plunges

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The Street

By Ellen Chang Tech-focused president of El Salvador hints at country buying more bitcoin amid plunge. El Salvador’s bet on bitcoin is looking more and more risky as the cryptocurrency’s value plunges. Last year, the Central American country became the first in the world to make bitcoin legal tender for all transactions. In recent weeks, the overall crypto market’s value has fallen rapidly and is now worth $930 billion compared to $3 trillion in November. Bitcoin, by far the most popular cryptocurrency, has lost about two thirds of its value. In 2021, El Salvador’s president, Nayib Bukele, sou…

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