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The plummeting cryptocurrency Market has had a wide ranging impact on companies and individuals one of the most high profile people this crash has hit is El Salvadorian president Naye bukele who just a year ago put his own money on the line in support of the crypto token right now Bitcoin is trading at around 16 000 US dollars but just a year ago it sat at its highest value ever at around 67 and a half thousand US Dollars.
it's no wonder because I thought the flagship token would hit six figures this year which is why his estimated to have sunk some 107 million US Dollars into the cryptocurrency after purchasing 2 381 Bitcoin however in the past year that investment has become more of a liability sinking to 67 million dollars a drop of 62 percent since the initial purchase it comes after bakelane made history after leading El Salvador to become the first country ever to adopt Bitcoin as legal tender of course this decision has now put the small Central American Nation in a spot of bother as they now have to pay back a 667 million euro loan to eurobond.
which they use to pay for their Bitcoin purchase it's no wonder the nation with a population of just over 6.5 million people is scrambling to pay back that loan El Salvador is reportedly in talks with China to sign a Free Trade Agreement which would see China pay 21 billion US dollars of El Salvador's foreign debt and while companies like FTX implode the Kelly has been quick to defend Bitcoin insisting that the world's largest crypto token shouldn't be dragged down with the likes of FTX which some have dubbed a Ponzi scheme since its collapse last week on Monday the El Salvadorian president said that bitcoin's protocol was developed precisely to prevent against Ponzi schemes adding that some people just don't understand it yet so is he a loyal Bitcoin DieHard or just plain delusional leave your thoughts in the comments.
