Weekly Report - 19 May 2022 (WR-22-20)

TRACKING TRENDS

EL SALVADOR | Bukele resolute on bitcoin. The collapse of the cryptocurrency bitcoin by some 60% from its zenith in the space of one week has been greeted with knowing sighs from economists in El Salvador and abroad. El Salvador has accumulated 2,301 bitcoins for more than US$100m since September last year. Rather than cutting his country’s losses, President Nayib Bukele doubled down on his bet on bitcoin, with an additional purchase of US$15.3m. His Twitter account has been uncharacteristically silent on bitcoin since the crash.

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