El Salvador has lost around $60 million on its bitcoin bet

10/13 13:42

According to CNBC, El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The use of bitcoin in El Salvador appears to be low amid the market volatility. The country faces plummeting economic growth and a high deficit. El Salvador’s “Bitcoin Experiment” and all its associated costs are estimated to have cost the country’s government $375 million as a whole, although El Salvador has $7.7 billion in outstanding debt, according to estimates. That's not a huge percentage for a $29 billion economy.

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