The fall of bitcoin, a “death blow” for El Salvador?

Where will the fall stop? Already in bad shape for months, bitcoin, the most famous cryptocurrency, lost 21% of its value last week. One of the reasons is the bankruptcy, Friday, November 11, of the FTX cryptofinance platform, where cryptocurrencies were exchanged.

But this decline is not the only one. “It’s only the most recent. Bitcoin has been on a dive since late last year,” writes Isabella Cota, head of the economy department for Latin America of the site El Pais Mexico.

The journalist quotes Ricardo Castaneda, an economist at the Central American Institute for Financial Studies:

“Last week’s losses represent a near deathblow to the mass adoption of cryptocurrencies in El Salvador.”

In September 2021, the smallest country in Central America, under the impetus of its young and very popular president Nayib Bukele, decided to adopt bitcoin as its official currency – alongside the dollar.

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