El Salvador’s President Lost $ 37 Million on Cryptocurrency Investments

The value of the 2,301 bitcoins purchased by the Latin American country has dropped by $ 37 million from the initial price as the price of bitcoin fell to its lowest level since December 2020, Decrypt reports.

According to data compiled by Bloomberg, President Nayib Buchele spent $ 103 million to buy the BTC after El Salvador made the cryptocurrency legal tender last year. Today, El Salvador’s bitcoin treasury is estimated at $ 65.6 million.

Undaunted by the latest market crash, Bukele announced on May 9 that he had bought another 500 BTC. This purchase at the time was worth about $ 15.3 million, now it is worth about $ 14.1 million.

El Salvador became the first country to make bitcoin legal tender on September 7 last year. The same month, the country’s authorities purchased 150 bitcoins and another 420 bitcoins in October.

Buchele has been criticized for a lack of transparency in how El Salvador manages its crypto assets, for not making it clear to the public who controls the wallet’s seed phrases, and for using public money for the presidential Bitcoin City project.

Despite warnings from US officials, the banking sector, and the International Monetary Fund, as well as protests against the adoption of BTC, Buchele did not slow down his plans, showing the progress of the Bitcoin City project in a rendering.