Each weekday, stacy-marie ishmael dives into everything from Bitcoin to Bored Apes, NFT’s to DeFi, Staking to Web3. Bloomberg Crypto, from Bloomberg and iHeart Radio, goes deeper than the daily market buzz to explore how this asset class is shifting the way we live
El Salvador’s Bitcoin Gamble, One Year Later
El Salvador’s Bitcoin Gamble, One Year Later
It’s been one year since El Salvador adopted Bitcoin as legal tender. In September 2021, the Central American nation forged its own path as the first in the world to make the crypto currency an official part of their economy. According to tweets and statements from President Nayib Bukele the government has bought more than 2,000 BTC so far. So what’s the problem? Well, many of those purchases were at or near market highs. Price declines mean that, at least on paper, El Salvador has lost more than half the value of those purchases so far. And surveys of both consumers and businesses show most people in the country just aren’t using Bitcoin. Nonetheless, President Nayib Bukele and government officials are adamant that the nation’s strategy has expanded financial services to a larger segment of the population and encouraged tourism. What’s the real story of Bitcoin in El Salvador? Bloomberg reporter Mike McDonald joins this episode for more.
Sep 13, 2022