El Salvador's Bitcoin Gamble Sees Paper Losses But Debt Upgrade and President's Popularity Endure
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El Salvador has likely purchased about 2,744 bitcoins at an average price of $41,800.
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With the current bitcoin price around $36,000, El Salvador is sitting on a paper loss of about $16 million.
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Despite bitcoin losses, El Salvador's debt was recently upgraded and bonds have rallied 70% this year.
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Polls show President Bukele with a huge lead ahead of potential 2024 re-election.
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Only 1.2% of $7 billion in remittances to El Salvador in 2022 used cryptocurrency wallets.