In less than twelve hours the Government would have lost at least $ 4,700 for each coin, if you compare the price of that day with what it was at the time of the purchase announcement that Bukele made.
President Nayib Bukele announced on the afternoon of September 6 the purchase of the first 400 Bitcoin coins to begin distributing them in the national economy from this September 7, the day the law comes into force. the digital currency.
But in less than 24 hours Salvadoran taxpayers have lost at least $ 2.7 million based on the initial purchase price.
The first 200 Bitcoin were worth $ 51,923.8 at the time Bukele announced the purchase which represented a state expenditure of $ 10,300,000.
Later at 5:30 Bukele announced that he had bought another 200 more, so the approximate payment price was $ 20,600,000.
But on Tuesday morning another 150 Bitcoin more at an estimated price of $ 52,172.0, which represented a disbursement of $ 7,800,000.
In total all Bitcoins acquired between Monday and yesterday have totaled 550 for a total of $ 28.4.
However, the price at 7.30pm on Tuesday showed that these 550 cost $ 46,807.7 each, which in addition means a total payment of $ 25,700,000. This means that in 24 hours the government has lost $ 2.7 million in taxes from all taxpayers.
Bukele further confirmed yesterday that its “brokers,” that is, commission agents who make the transaction, would continue to buy more currencies as the deadline approaches.
The price of digital currency, however, can change from minute to minute. Now its price has fallen, but due to the volatility with which this cryptocurrency operates, its value may increase again from one day to the next.
Failed implementation of Goat Wallet, users criticize download failures
Some people who have managed to download the Goat Wallet app to start using the $ 30 that the Government has given to its users have started to perceive that, without spending anything, its value has already been reduced.
Yesterday, the price of Bitcoin started to rise rapidly and exceeded $ 50,000. A Bloomberg note stated that it was due to a growing movement driven by social networks such as Twitter and Reddit to buy digital currency en masse and boost its price, ahead of the entry into force of the Bitcoin Law in El Salvador.
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