El Salvador's multi-million dollar Bitcoin investment has now halfed

El Salvador was the first country to adopt Bitcoin officially, they then invested multiple millions of dollars that has now halved.

@JakConnorTT
Published Tue, Jun 14 2022 3:04 AM CDT

A year ago, El Salvador became the first country in the world to officially adopt Bitcoin as a legal tender. The country then invested multiple millions of dollars into the cryptocurrency, and that investment isn't looking like it has paid off (yet).

The price of Bitcoin is currently in freefall, dropping more than 20% in value over a 24-hour period. El Salvador, one of the leading countries with cryptocurrency adoption, purchased 420 Bitcoins for more than $60,300 each, which was then backed up by another mass purchase on May 9 when the country's president Nayib Bukele announced an additional 500 Bitcoin was purchased for average price of $30,744.

At the time of writing, Bitcoin is teetering between the $20,000 and $22,000 range, meaning that El Salvador's hefty investment has reduced by close to half of its total purchasing value. Mashable points out that the country holds 2,301 Bitcoin that is currently valued at approximately $53 million, which is about half of the $105.6 million the country initially invested.

El Salvador's multi-million dollar Bitcoin investment has now halfed 02 | TweakTown.com
Buy at Amazon

Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

TodayYesterday7 days ago30 days ago
$14.99$14.99$11.99
* Prices last scanned on 6/30/2022 at 8:25 pm CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:mashable.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles