LatinNews Daily - 18 November 2022

In brief El Salvador’s Bukele defiant on bitcoin

*El Salvador’s President Nayib Bukele has tweeted that his government is buying “one [cryptocurrency] bitcoin every day starting tomorrow [18 November]”. His tweet was posted on the final day of a three-day conference which took place in El Salvador entitled ‘Adopting Bitcoin – A Lightning Summit’ and comes amid renewed concerns regarding the government’s adoption of cryptocurrency bitcoin as legal tender last year, particularly following the collapse last week of Bahamas-based cryptocurrency exchange FTX which filed for bankruptcy on 11 November. This led him to tweet that the bitcoin “protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s… …bailouts and wealth reassignments. Some understand it, some not yet.” On 10 November Bloomberg reported that El Salvador’s bitcoin holdings have lost 60% of their value amid the sell-off of the digital coin after Binance Holding Ltd.’s withdrew its offer to buy Based on calculations by Bloomberg using tweets from President Bukele, in the same report, Bloomberg estimated that El Salvador’s 2,381 bitcoin were worth US$41.5m at current prices, below the roughly US$105m the government paid to purchase them.

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