El Salvador’s President Nayib Bukele triumphant after his bet on bitcoin comes true
As bitcoin surpassed US$100,000 for first time, value of El Salvador government’s reported investment now stands at more than US$600 million
As bitcoin reached historic highs, surpassing US$100,000 for the first time, El Salvador’s President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency.
Just two years ago, bitcoin’s volatile value fell below US$17,000. Bitcoin fell back below the US$100,000 by Thursday afternoon, sitting just above US$99,000 by 4pm local time.
Bukele on Thursday blamed his beleaguered political opposition for causing many Salvadorans to miss out on the bonanza.
There were street protests when the Congress made bitcoin legal tender in June 2021, though that move was not the only motivation for the protesters.
The tiny Central American country has long used the dollar as currency, but Bukele promised bitcoin would provide new opportunities for El Salvador’s unbanked and cut out money transfer services from the remittances Salvadorans abroad send home. The government offered US$30 in bitcoin to those who signed up for digital wallets.
Many did so, but quickly cashed out the cryptocurrency.