Tag: Bitcoin city

El Salvador’s President keen on ‘Bitcoin City’, but residents say plan is not working

El Salvador’s President keen on ‘Bitcoin City’, but residents say plan is not working

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Crypto winter has hit El Salvador—a country that is betting its economy on Bitcoin, the world’s largest cryptocurrency—but residents from the country believe that the ‘Bitcoin City’ plan is “not working anymore”. El Salvador is the first country to recognise Bitcoin as a legal tender and planning to build an entire city based on the […]

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Analysis: Crypto crash leaves El Salvador with no easy exit from worsening crisis

Analysis: Crypto crash leaves El Salvador with no easy exit from worsening crisis

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El Salvador’s big bet on bitcoin, which the Central American nation has been buying since September, has soured in recent weeks as a cryptocurrency rout shaved over a third of the value of the government’s holdings, Reuters calculations show. Under populist President Nayib Bukele, a vocal cheerleader for the currency, El Salvador went all-in on […]

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