London Daily

Focus on the big picture.
Monday, Aug 10, 2026

Crypto-friendly govt incurs first crypto losses

Crypto-friendly govt incurs first crypto losses

The Central American country was world’s first to adopt Bitcoin as legal tender
The recent slide of the largest crypto, Bitcoin, has not only affected retail and institutional investors but one tiny nation as well – El Salvador – which had embraced the digital asset as a way to boost its impoverished economy.

The country has bought at least 1,391 bitcoins using public funds, according to a Bloomberg report, which estimated the holdings based on the tweets of El Salvador’s Bitcoin-loving president Nayib Bukele. The media calculated that the purchase would have cost El Salvador about $71 million based on an average acquisition price of $51,056 per coin. Assuming the government has held the digital coins, they’re now worth around $61 million, a 14% loss.

Bitcoin’s price has fallen about 40% since reaching its all-time high in November. Last week, the crypto briefly plummeted below $40,000 to its lowest since September, with declines spilling over into the whole cryptocurrency market. On Thursday, Bitcoin was trading at $43,765 per token.

El Salvador’s congress approved the adoption of Bitcoin as legal tender in June 2021. Later in September, President Bukele announced that his government had purchased its first 400 bitcoin. The nation plans to use multiple renewable-energy sources to power its crypto-mining sites.
Comments

Ken 5 year ago
Yes play stupid games win stupid prizes.

Newsletter

Related Articles

0:00
0:00
Close
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
Reports of Mark Zuckerberg-Linked Superyacht Declining Rescue Assistance Draw Maritime Scrutiny
Preserving Three Banksy Artworks in London Has Cost Taxpayers Nearly £150,000
Four Ugandan Athletes Disappear From Delegation After UK Sporting Events
French Authorities Report Channel Interventions as Cross-Border Migration Dispute Continues
Home Office Admits Error in Settled Status Case Involving Long-Term Italian Resident
Unite Calls for Independent Review of UK Budget Watchdog's Fiscal Forecasting Rules
Thinktank Calls for £175 Annual Energy Bill Cut for Low-Income Households
Foreign-Linked Social Media Accounts Amplified Recent Unrest in Belfast and Southampton, Analysis Finds
London Mayor Sadiq Khan Orders Westminster to Drop Proposed Soho and West End Hospitality Ban
Royal Navy Deployments to Monitor Russian Activity in UK Waters Rise 25 Percent
UK Economy Expected to Grow 0.4 Percent in Second Quarter Despite Geopolitical Pressures
Andy Burnham Launches Cost-of-Living Measures Targeting Subscription Traps and Misleading Discounts
Hyper-Realistic Reborn Dolls Draw Collectors Seeking Comfort and Craft
Gen Z Cuts Back on Dating as a Night Out Nears $200
Patients Turn to Artificial Intelligence for Therapy as Psychiatrists Warn of Privacy and Clinical Risks
Couples Embrace ‘Sleep Divorce’ to Protect Rest and Reduce Tension
Meta Ordered to Pay $567 Million and Change Facebook and Instagram Safeguards for Children
Up to only 10 Months in Prison for Swedish Officer’s Murderer Sparks Anger
Success: Nvidia Turned Gaming Chips Into the Engine of the AI Boom
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
Meta Raises AI Spending Target to as Much as $145bn Despite Pressure Over Returns
Danube Drought Exposes Nazi Wrecks and Pushes Central Europe’s Power System to the Brink
Joe Biden’s Cancer Has Spread Beyond His Bones, Hunter Biden Says
Air Traffic Control Outage Grounded Flights Across the Midwest
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Why Markets May Look Quiet in August After Big Tech Earnings
Partial Solar Eclipse Expected to Draw Interest Across Southwestern UK
UK Graduate Job Postings Fall 7% as Entry-Level Opportunities Remain Scarce
UK Private Sector Returns to Growth as July Activity Reaches Highest Level Since April
UK Summer Drought and Wildfires Raise Pressure for Stronger Environmental Measures
UK Household Credit Stress Rises as Credit Card Lending Growth Hits 12.5%
London Stock Exchange Revises AIM Rules to Make Growth Capital More Accessible
NHS England to Expand Mental Health Services With 155 New and Upgraded Facilities
UK Overhauls £90 Billion Public Procurement System to Reward Domestic Jobs and Apprenticeships
Andy Burnham Holds Strong Approval as Labour Maintains Narrow Lead Over Reform UK, Opinium Finds
Royal Navy Monitored Russian Warships and Shadow Fleet Tankers for 21 Days in July
Australian Crew Evacuates Seriously Ill American From Antarctica in Midwinter Darkness
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
Welsh First Minister Raises Independence With UK Prime Minister in First High-Level Call
UK Maintains Severe Terror Threat Level as Prevent Report Highlights Online Radicalization
YouGov Poll Shows Labour Favourability Improves as Reform UK and Greens Lose Ground
Brexit Campaigner Arron Banks Admits Hiring Private Investigator to Examine Journalist
Robert Jenrick Leaves Conservatives for Reform UK in Major Parliamentary Defection
July 2026 Was England and Wales’ Driest Month on Record, Met Office Says
UK Government Considers Public Inquiry Into Jeffrey Epstein’s UK Connections
Trump-Era Policy Shifts Test the Boundaries of U.S. Institutions
×