London Daily

Focus on the big picture.
Monday, Jul 06, 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 4 year ago
Yes play stupid games win stupid prizes.

Newsletter

Related Articles

0:00
0:00
Close
Microsoft Lays Off 4,800 Employees and Xbox Suffers the Hardest Blow
Deep Purple Has Released Its Best Album in Decades
Office for National Statistics Updates Historical Investment Data Review to Improve Accuracy
Department for Science, Innovation and Technology Highlights Economic Gains From Digital Inclusion
Debate Intensifies Over UK Defence Strategy and Domestic Security Priorities
Report Warns Full Transport Accessibility Could Add £176 Billion to UK Economy Annually
Medicines Regulator Approves First Targeted Treatment for Advanced Merkel Cell Skin Cancer
Government Commits £22 Million to Brighton Seafront Infrastructure Renewal and Transport Safety
National Security Bill Returns to House of Commons Amid Calls to Protect Humanitarian Work
Government Tightens Overseas Political Donation Rules to Strengthen Safeguards Against Foreign Influence
NHS Maternity Reform Expands Central Oversight After Critical National Review
Dover Border Warnings Highlight Post-Brexit Pressure on Cross-Channel Trade
Private Nuclear Consortium Advances £35 Billion Small Reactor Strategy in UK
UK Labour Leadership Signals Shift Toward Reindustrialisation and Regional Power
House of Lords Debates Rail Nationalisation Bill to Create Great British Railways
Scottish Affairs Committee Expands Inquiry Into SNP Financial Conduct
Evri Launches £1.2 Million Defamation Case Against BBC Over Panorama Investigation
Port of Dover Warns of Border Delays as EU Entry-Exit System Looms
Nigel Farage Referred to Standards Watchdog Over Alleged Undeclared Benefits
UK Government Faces Scrutiny Over Claimed AI Datacentre Investment After FOI Findings
UK and India Finalise Trade Agreement Rules Ahead of Mid-July Implementation
UK Government Establishes National Maternity Commissioner After Major Review of NHS Care Failures
Private Consortium Plans £35 Billion UK Nuclear Programme Targeting Small Modular Reactor Rollout
Andy Burnham Sets Out Ten-Year Reindustrialisation and Devolution Plan as Leadership Transition to UK Premiership Advances
Morocco and France Advance as 2026 FIFA World Cup Enters Quarterfinals.
Historic 2026 Tour de France Opens in Barcelona With Revamped Team Time Trial.
Global Mergers and Acquisitions Approach $4 Trillion Defying Geopolitical Tumult.
Negotiators Advance 20-Point Framework for Gaza Ceasefire and Demilitarization.
OECD Warns Middle East Conflict Will Depress Global Economic Growth.
Ukrainian Drones Strike Major Oil Terminal in St. Petersburg.
World Meteorological Organization Issues Urgent Alert Over Rapidly Intensifying El Niño.
United States Commemorates 250th Anniversary With Diplomatic Summits and Global Flotilla.
Iran Begins Days-Long Funeral for Supreme Leader Khamenei Amid Strait of Hormuz Standoff.
Technology giant reports surging carbon emissions driven by artificial intelligence infrastructure demands.
Artificial intelligence adoption accelerates workforce reductions across the technology and financial sectors.
Global technology and financial conglomerates collaborate to launch a new stablecoin standard.
United States regulators lift export restrictions on a major frontier artificial intelligence model.
Royal Society Exhibition Highlights Growing Focus on Public Trust in Science
Energy Costs and Supply Chain Risks Continue to Shape UK Business Strategy
Rapid Rise in Artificial Intelligence Adoption Reshapes UK Corporate Operations, ONS Says
UK Businesses Turn Defensive as Economic Outlook Weakens, Institute of Directors Data Shows
UK Government Faces Criticism Over Late Extension of Pub Hours for England Match
Inquest Continues Into Death of Noah Donohoe as Jury Deliberates Findings
Calls for Stronger Wildlife Attraction Safety Rules After Crocodile Enclosure Injury
City Fire Under Control After Major Blaze Sends Smoke Across Urban Area
Police Investigation Continues After Officer Killed During Road Closure Duties
Blackpool Hotel Fined £120,000 After Electric Shock Incident Involving Child
Whistleblowers Allege Delays in UK Special Educational Needs Support Services
Calls Grow for Improved Support for UK Armed Forces Personnel Facing Health Conditions
Rising UK Energy Price Cap Increase Prompts Wider Concerns Over Household Pressures
×