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El Salvador Adopts Bitcoin as Legal Tender; Price Falls Most in a Month
Posted
September 7, 2021
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10,925
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September 7, 2021
10,925
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2:21Now PlayingEl Salvador’s experiment using Bitcoin had a rocky start as its price crashed on its first day as legal tender, while the roll-out was hampered by technical glitches.
The cryptocurrency plunged as much as 17% to its lowest level in a month amid news that the government disconnected its Bitcoin wallet early on Tuesday to fix problems.
By late morning, the issues appeared to have been overcome, and President Nayib Bukele tweeted that the app was again available for download.
The largest cryptocurrency fell as low as $43,050 in New York Tuesday, before paring losses. Bukele said his country had taken advantage of the crash to “buy the dip”, adding 150 coins to take its total holding to 550, worth about $26 million.
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