“My advice: stop looking at the graph and enjoy life' 9News
According to the tracking site nayibtracker.com, El Salvador under President Nayib Bukele’s administration has spent about $150 million onThe value of that investment in the currency, also known as “BTC," is now calculated to have fallen by over 57 per cent, or around $87 million.Farmers in El Salvador hold signs emblazoned with messages against the country adopting Bitcoin as legal tender, during a protest in September last year.
“When they tell me that El Salvador’s budgetary risk has increased because of the supposed loss, that loss doesn’t exist,” Zelaya said.El Salvador President Nayib Bukele, a right-wing populist who rose to power in 2019, announced the plan to start using Bitcoin in June last year.However, most companies and governments do write down the value of what accountants call an “unrealised loss,” even if they don’t sell the distressed asset.
In January, El Salvador rejected a recommendation by the International Monetary Fund to drop Bitcoin as legal tender.
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