Bitcoin in El Salvador

SOURCE apnews.com
Bitcoin reached historic highs, surpassing $100,000 for the first time, with El Salvador's President Nayib Bukele celebrating his bet on the cryptocurrency. The value of the government's investment in bitcoin now stands at over $600 million.

Key Points

  • Bitcoin's value surpassed $100,000 for the first time.
  • El Salvador has used the dollar as currency but adopted bitcoin as legal tender in 2021.
  • El Salvador's government reported an investment of over $600 million in bitcoin.

Pros

  • Bitcoin reached historic highs, surpassing $100,000 for the first time.
  • El Salvador's President Nayib Bukele was triumphant about his bet on cryptocurrency.
  • The government's reported investment in bitcoin now stands at over $600 million.

Cons

  • The adoption of bitcoin in El Salvador did not match the president's enthusiasm.
  • Bitcoin's volatility poses a persistent risk.
  • Many Salvadorans cashed out the cryptocurrency instead of holding onto it.