El Salvador is hit by a turbulent crypto market.
It is understood the country's 2,301 bitcoin (BTC) ownership faces a loss of $ 37 million as Satoshi Nakamoto's asset value hits its lowest level since 2020.
For the record, BTC hit a daily low of $ 26,683.87 yesterday before bouncing to $ 29,063 with a jump of over 11% at the time of this writing.
However in the last 24 hours, BTC has slipped over 1% and almost 19% since last week.
For the record, since president Nayib Bukele approved bitcoin as a legal tender last year, El Salvador has spent $ 103 million to turn the asset into a state treasury.
The sharp decline in the price of BTC pushed its value to around $ 65.6 million.
BTC's latest investment
On May 9, Bukele announced another recent purchase - 500 BTC.
At the time it was worth $ 15.3 million. But today a unit of BTC has collapsed to $ 29,587.65, making its cumulative total just $ 14,793,823.53.
Bitcoin City ‘on the way’
Bukele ignored the ‘criticism’ received from various quarters.
In a recent share on Twitter, the figure was excited to reveal the Bitcoin City model.
Bitcoin City fans who follow this idea closely can see the layout of the city. There is a landmark BTC logo placed in the middle of the city in the form of a ‘roundabout’.
#Bitcoin City is coming along beautifully ❤️ pic.twitter.com/A6ay8aAREW
- Nayib Bukele (@nayibbukele) May 9, 2022
Not enough of that, Bukele claims Bitcoin City is very flora and fauna friendly as its modernization is injected with the existence of the sea and dumping of trees.
In addition to El Salvador, Central Africa has also officially accepted bitcoin as a legitimate tender to support the country’s economic development.
