62e2ac6ee1179200195ec0b1 Just because El Salvador's crypto investment didn't pan out, doesn't mean they're giving up on bitcoin!

Just because El Salvador’s crypto investment didn’t pan out, doesn’t mean they’re giving up on bitcoin!

– El Salvador’s finance minister said the country still plans to issue a bitcoin bond using blockchain technology, Bloomberg reported.
– The nation purchased 2,381 bitcoin tokens with public funds since making the crypto legal tender last year.
– In total, those investments are worth about 50% less amid the broad downturn, per Bloomberg.
– Despite suffering heavy losses on its bitcoin bet, El Salvador still intends to issue bitcoin-backed bonds, the country’s finance minister said.
– Led by crypto-bull President Nayib Bukele, El Salvador adopted bitcoin as legal tender last year.
– The result has been increased access to financial services for locals, as well as a rise in tourism and investments, according to Zelaya.
– He remains bullish on digital assets even though the Central American nation has lost roughly 50% on its investment in 2,381 bitcoins, Bloomberg data shows.
– El Salvador initially planned to offer $1 billion in bitcoin bonds in March.
– But the government postponed the offering due to unfavorable market conditions.
– On several occasions this year when the world’s biggest crypto dropped in value, Bukele often would take to Twitter to declare the buying opportunity.

 

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