How El Salvador Lost All Bitcoins On FTX
It’s been a year since El Salvador’s president Nayib Bukele adopted a Bitcoin standard in his country. Since then, the value of Bitcoin has crashed by -76%. Yesterday, the second biggest crypto exchange FTX went insolvent. Many people are speculating that El Salvador is holding their Bitcoins on FTX, which would mean that all their Bitcoins are gone. This news has sent shockwaves throughout the cryptocurrency community…
El Salvador’s president Nayib Bukele made headlines last year when he announced that his country would be making Bitcoin legal tender. Bukele invested $375 million into Bitcoin with his country’s funds. The move was seen as a vote of confidence in the cryptocurrency, and the value of Bitcoin surged in the aftermath.
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However, since then, the value of Bitcoin has crashed by -76% mainly due to macroeconomic factors. The situation took a turn for the worse yesterday when FTX, the second biggest crypto exchange, went bust. President Bukele immediately commented the situation with “we demand the immediate extradition of Sam Bankman-Fried (CEO of FTX) and Sam Trabucco (Former CEO Alameda Research), Washington most respond within 48 hours”.
El Salvador is also said to be in a massive debt crisis and on the brink of default. That’s why their government is turning to China, who offered El Salvador to buy all its foreign debt to prevent default.
While the full extent of the damages is still unknown, it’s clear that this is a major setback for both El Salvador and the cryptocurrency ecosystem.
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