NB Bukele flexed the nation’s $1 million profit in just 11 hours, while losing nearly $20 million
The most recent purchase of 500 BTC by El Salvador for around $30,000 has already turned a profit, and the country’s president shows off the successful deal in his Twitter. account,
According to the post, the balance of the country is up to one million dollars in just 11 hours just after buying many coins. But when Bukele boasts of a successful deal, users rush to remind the president that the country has lost nearly $20 million, as his average bitcoin entry is around $45,000.
I could sell this coin right now and make about a million dollars in just 11 hours, but definitely not https://t.co/BrZx3dwA5q
— nayibbukele (@nayibbukele) 10 May 2022
El Salvador will profit from the position of bitcoin only if the first cryptocurrency rises by about 40% from the price at which it now trades. The country began buying bitcoin in September, when BTC was trading at around $50,000.
Countries fail to adopt bitcoin
Unfortunately for the country’s Permabul president, the citizens of El Salvador are not feeling like switching to bitcoin and using the widely pushed Chivo wallet. As previously covered by U.Today, 60% of the country’s citizens left Chivo Wallet after receiving a free $30.
Companies operating in the country are also in no rush to accept bitcoin as only 20% of all businesses offer BTC payments. Reportedly, some businesses that previously accepted BTC are now abandoning it and returning to basics.
As for taxes, only 5% of all citizens of El Salvador are choosing to pay their taxes with the help of Chivo Wallet.
Such a low rate of adoption is linked to the volatile nature of bitcoin and the technical complexity of using crypto wallets especially for elderly people.