President Nayib Bukele is pressing ahead with his plan to make his country a cryptocurrency haven.
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El Salvador’s big bet on bitcoin has soured in recent weeks as a cryptocurrency rout shaved over a third of the value of the government’s holdings.
Bitcoin and US stocks are moving increasingly in lockstep as investor anxiety builds ahead of this week’s Federal Reserve meeting.
Bitcoin licked its wounds on Wednesday, a day after its heaviest losses in two-and-a-half months as El Salvador’s historic adoption of the crypto asset as legal tender caused chaos online and on the street.
Can bitcoin work in the real world, for the mundane matters of buying and selling things? El Salvador’s announcement that it will consider bitcoin legal tender may give an answer.
El Salvador’s president, Nayib Bukele, will send a bill to congress next week to make bitcoin legal tender in the Central American nation.