The first country to adopt Bitcoin as legal tender in their free market seen huge gains and improvement early one but with the dip, they have experienced a big loss.
They still plan to go ahead with everything and have faith in the blockchain.
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They still plan to go ahead with everything and have faith in the blockchain.
Despite suffering heavy losses on its bitcoin bet, El Salvador still intends to issue bitcoin-backed bonds, the country's finance minister said.
"We aren't going to have results overnight. We can't go to bed poor and wake up millionaires," Alejandro Zelaya told Bloomberg Wednesday. "New technologies have shown how people in previous years were afraid of things like websites and digital business, but it's been shown through time that reality imposes itself."
Led by crypto-bull President Nayib Bukele, El Salvador adopted bitcoin as legal tender last year. The result has been increased access to financial services for locals, as well as a rise in tourism and investments, according to Zelaya.
He remains bullish on digital assets even though the Central American nation has lost roughly 50% on its investment in 2,381 bitcoins, Bloomberg data shows.
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