President Nayib Bukele’s Bitcoin gambit is becoming onerous for cash-strapped El Salvador but that isn’t stopping him from adding to his stockpile.
Bukele’s bought 2,301 Bitcoins for the government since making them legal tender back in September, based on his announcements on Twitter. That includes a purchase of 500 coins yesterday as their price plunged below $31,000, extending a wild six-month sell-off. Those tokens are worth $74 million today. That’s 28% less than the $103 million Bukele paid for them, according to calculations by Bloomberg.