El Salvador reportedly lost an estimated $20 million by investing in Bitcoin
El Salvador’s president, Nayib Bukele, changed his Twitter profile on Sunday, posting a photoshopped image of himself wearing a McDonald’s uniform. This comes after his country lost millions – by investing in Bitcoin – following a severe crypto market sell-off.
The two largest digital assets, Bitcoin and Ethereum, are off more than 50% from their all-time highs, trading at their lowest levels since July.
The market’s downturn has prompted jokes about new careers for crypto traders in the fast food industry. McDonald’s pay starts as low as $11 per hour in the US.
— Nayib Bukele 🇸🇻 (@nayibbukele) January 22, 2022
Bukele has been facing criticism since he embraced the flagship cryptocurrency. El Salvador was the world’s first nation to adopt Bitcoin as legal tender in June 2021. The country currently holds over 1,500 bitcoins and plans to issue a $1 billion, 10-year Bitcoin bond this year.
The only saving grace for El Salvador is that the price of Bitcoin dipped below $30,000 last summer, so the Central American country has only reportedly lost about $20 million by investing in the leading crypto.
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