{"id":490896,"date":"2022-05-19T23:00:33","date_gmt":"2022-05-19T23:00:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=490896"},"modified":"2024-06-11T10:37:03","modified_gmt":"2024-06-11T10:37:03","slug":"more-stress-for-el-salvador-as-bitcoin-dips-to-28000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\/","title":{"rendered":"More Stress For El Salvador As Bitcoin Dips To $29,000"},"content":{"rendered":"

El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year.<\/p>\n

The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country?<\/p>\n

El Salvador And Its Bitcoin<\/h2>\n

El Salvador had bought another 500 BTC in May<\/a> after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country\u2019s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases.<\/p>\n

Related Reading |\u00a0Funding Rates Fall To Yearly Lows Following Bitcoin\u2019s Fall Below $29,000<\/a><\/strong><\/em><\/p>\n

The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value.<\/p>\n

\"Bitcoin<\/p>\n

BTC falls to $28,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country\u2019s ability to receive international aid in the form of loans.<\/p>\n
Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.\u00a0<\/span><\/p>\n
It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador\u2019s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this.<\/p>\n
Related Reading |\u00a0Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates<\/a><\/strong><\/em><\/p>\n
El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents.<\/p>\n
On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022<\/a>. If this happens, then the country will be in significant profit from its BTC holdings.<\/p>\n
Featured image from Coingape, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year. The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country? El Salvador And Its Bitcoin El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country\u2019s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases. Related Reading |\u00a0Funding Rates Fall To Yearly Lows Following Bitcoin\u2019s Fall Below $29,000 The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value. BTC falls to $28,000 | Source: BTCUSD on TradingView.com The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country\u2019s ability to receive international aid in the form of loans. Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.\u00a0 It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador\u2019s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this. Related Reading |\u00a0Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents. On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings. Featured image from Coingape, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026\u00a0<\/p>\n","protected":false},"author":541,"featured_media":490898,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,435,679,1119,1144,83729,83728],"class_list":["post-490896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-price","tag-btc","tag-btcusd","tag-el-salvador","tag-nayib-bukele"],"acf":[],"yoast_head":"\nMore Stress For El Salvador As Bitcoin Dips To $29,000<\/title>\n<meta name=\"description\" content=\"El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"More Stress For El Salvador As Bitcoin Dips To $29,000","url":"http:\/\/ktsl888.com\/news\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/el-salvador-bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/el-salvador-bitcoin.jpeg?fit=620%2C431"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin adoption","bitcoin price","btc","btcusd","el salvador","nayib bukele"],"dateCreated":"2022-05-19T23:00:33Z","datePublished":"2022-05-19T23:00:33Z","dateModified":"2024-06-11T10:37:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"More Stress For El Salvador As Bitcoin Dips To $29,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/more-stress-for-el-salvador-as-bitcoin-dips-to-28000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/el-salvador-bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/el-salvador-bitcoin.jpeg?fit=620%2C431\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin adoption\",\"bitcoin price\",\"btc\",\"btcusd\",\"el salvador\",\"nayib bukele\"],\"dateCreated\":\"2022-05-19T23:00:33Z\",\"datePublished\":\"2022-05-19T23:00:33Z\",\"dateModified\":\"2024-06-11T10:37:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/05\/el-salvador-bitcoin.jpeg?fit=620%2C431","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/490896"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=490896"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/490896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/490898"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=490896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=490896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=490896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}