Editorial: Gaming / Facebook / Twitter / YouTube / Instagram / News / Discord /Telegram / Google News It didn’t take long for the cryptocurrency scene (presumed at the time to be the economic future) to crash head-on with reality and the lack of official recognition and regulation , the disaster was present dragging the finances of individuals and even a government plan. In 2021, the government of Nayib Bukele, President of El Salvador, was the first to make cryptocurrencies official and now that bet has generated millions in losses.
Video: BITS – Cryptocurrencies fall: a BLESSING for gamers
El Salvador’s Bitcoin Plan Falls Apart
The last few days have represented an almost fatal blow for the cryptocurrency scene as its attempted stock exchange, FTX, began bankruptcy proceedings before the United States authorities. As expected, the market for this type of security suffered from this fact and its price plummeted below $17,000 USD, the lowest in 2 years. This led to losses in the sector with different consequences, but highlighting the case of El Salvador and its adoption of Bitcoin.
#BREAKING Bitcoin price dives to $17,000, lowest in 2 years, as crypto market loses over 11% in single day pic.twitter.com/EUU0qWMCZd— ANADOLU AGENCY (@anadoluagency) November 8, 2022
As reported by CNN and El País, the collapse of Bitcoin has resulted in a loss of $67 million for the government of El Salvador, which has tried to promote a nascent and basic structure of cryptocurrencies at the time justified by high prices. of the digital asset. According to the information, the Nayib Bukele government has invested (via public resources) more than $100 million in Bitcoin, but the results have been negative and the situation has even lent itself to a narrative in which there is talk of buying cryptocurrencies now. that prices are down waiting for a miraculous rise that will finally make profits. Worse yet, the Central American country’s cryptocurrency payment system, Chivo Wallet, has not taken off among society and according to surveys cited by CNN, more than 70% of citizens have not carried out a single operation with Bitcoin. Still here at WTTSpod.
Video: BITS – The fraud of crypto games and Play to Earn
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