El Salvador’s Bitcoin Gamble Just Went Bust

Salvadoran President Nayib Bukele participates in the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Nov. 20, 2021 (AP photo by Salvador Melendez).
Salvadoran President Nayib Bukele participates in the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Nov. 20, 2021 (AP photo by Salvador Melendez).
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As cryptocurrency investors nervously watched the value of their assets sink, one of Bitcoin’s greatest boosters announced this week that he was doubling down. Nayib Bukele, the hip, young president of El Salvador, hosted a meeting Monday with representatives of 44 countries to discuss the “benefits in our country” of using Bitcoin—another questionable move for a man who has put his country’s economy at risk to gamble on digital money. Bukele, a former public relations executive who now leads one of the hemisphere’s poorest nations, has been touting the so-far-elusive benefits El Salvador has gleaned from his controversial move last September to make Bitcoin the country’s […]

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