El Salvador's Bitcoin experiment: $60M lost, $375M spent

[2pEXgD0fZ5cF]

https://www.cnbc.com/2022/10/13/el-salvadors-bitcoin-holdings-down-60percent-to-60-million-one-year-later.html

[2pEXgD0fZ5cF]

El Salvador's bitcoin experiment: $60 million lost, $375 million spent, little to show so far

Key Points:

- El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment.

- The use of bitcoin in El Salvador appears to be low amid the market volatility.

- The country faces plummeting economic growth and a high deficit.

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(Quoted from the article)

[theplumber → 2pEXgD0fZ5cF]

Who thought people don't like to use a volatile "coin" to pay groceries?

[throwawayKiwi9 → theplumber]

A lot of people who have dealt with much worse volatility in their national currency thought it was a good idea. Many national currencies have performed so much worse than this.

[Ptchd]

Could have been a lot worst, even if it would have been in the stock market