Tech

El Salvador: The country where you can buy anything with Bitcoin

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Posted: 16/06/22 - 11:11
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Cryptocurrencies have continued to tumble this week with billions wiped from the value of tokens like Bitcoin. The crash is affecting investors worldwide, including the government of El Salvador. The Central American country has poured millions of dollars into Bitcoin and made it legal tender nine months ago, encouraging people to use it for day-to-day transactions.

From trinkets and tacos to petrol and even houses - you can shop for pretty much anything in El Salvador with Bitcoin. Buying with cryptocurrency from street sellers and major chains alike is a remarkable experience.

It shows how far Bitcoin has come since it was dreamt up on internet forums back in 2008.

The decision by President Nayib Bukele to make the cryptocurrency legal tender means that in theory it must now be accepted by all businesses, alongside El Salvador's other currency, the US dollar.

But the latest cryptocurrency crash has prompted more questions about the policy, especially the use of nearly $100m of public funds to buy Bitcoin - each purchase celebrated by the president with a tweet.

I Call True: That has got to sting to have put all their eggs in Bitcoin basket only for them to be dropping like this, looks like they bet big and lost on this

Milka
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3 Comments
15 days
3 upvotes
Well the money is to be made in the bear market for those wealthy enough to be buying. Charts indicating rises from October.
15 days
3 upvotes
Absolutely crazy to do it in the first place.
16 days
2 upvotes
I wonder if they are still tweeting every day when they are buying Crypto or if it is rather quiet at the moment!