In September 2021, when El Salvador became the first country in the world to adopt bitcoin as legal tender on a par with the dollar, it was around $45,000. In novembercame to $68,000 and in the present is quoted around $16,542.
Taking advantage of the price collapse, Bukele bought 80 bitcoins in July with state funds a $19,000 each, with which El Salvador accumulates 2,381 units and an investment of US$107.1 million.
The bitcoin is not used by 75.6% of salvadorans that were consulted, according to a survey by the Jesuit Central American University (UCA) carried out in September and published in October, while 24.4% indicated that they used the cryptocurrency in transactions.
On Wednesday, the ambassador of El Salvador in Washington and active promoter of bitcoin, Milena Mayorgatold the state channel 10 that its use “is a process. First we have to know it, education is the key”. “We already have 44 cryptocurrency companies installed,” the official celebrated.
the bitcoin “It is the most unpopular measure of the Bukele government, the most criticized and the worst evaluated,” said the rector of the UCA, Andreu Olivawhen he presented the results of the survey.
Also, 77 out of every 100 Salvadorans they thought that the president “should not continue spending public money to continue buying bitcoin.” With the adoption of bitcoin, Bukele sought “financial inclusion” for the majority of the population and facilitate the sending of family remittances from abroad. But heas it was questioned by the World Bank and the IMFwhich warned about the high volatility of the cryptocurrency.
Bukele’s plan is part of a general fall in cryptocurrencies caused by the collapse of the FTX and Alameda exchanges, which pushed bitcoin to settle around the $16,000. In addition, it has not been a good year for cryptocurrencies in general due to the hardening of the dollar as a result of rate hikes to control inflation.
The universe of cryptocurrencies reacts scattered to the changes that occurred: while some maintain that cryptocurrencies are no longer a reserve space to face inflation, others maintain that we must remain calm and wait.
Source: Ambito
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