El Salvador’s Bitcoin holdings are now worth less than $40 million

Though Bukele has refused to disclose how much taxpayer money he has spent on Bitcoin, the best guess, based on his purchase announcements, is $107 million, with a further $200 million on administration and infrastructure—equivalent to nearly 4% of the developing country’s 2023 budget. El Salvador’s Bitcoin holdings are now worth less than $40 million. To cap it all, Salvadorans just aren’t that into Bitcoin: an in-person survey of 1,269 residents published by the José Simeón Cañas Central American University (UCA) in October found that less than a quarter of respondents had used the cryptocurrency in 2022. Just 17% said the Bitcoin rollout had been a success, while 66% said it was a failure. And 77% want Bukele to stop using public funds to buy Bitcoin. https://time.com/6236899/el-salvador-bukele-bitcoin-crash/