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Bitcoin crashes on first day as El Salvador's legal tender
Source: BBC
Bitcoin crashes on first day as El Salvador's legal tender
By Katie Silver
Business reporter
8 September 2021
Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender.
The price of Bitcoin on Tuesday crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.
An opposition politician said the fall caused one of Latin America's poorest countries to lose $3m.
The rollout of bitcoin in El Salvador was far from what President Nayib Bukele would have envisaged when he began his bold experiment.
Platforms such as Apple and Huawei weren't offering the government-backed digital wallet, known as Chivo, and servers had to be pulled offline after they couldn't keep up with user registrations.
-snip-
By Katie Silver
Business reporter
8 September 2021
Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender.
The price of Bitcoin on Tuesday crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.
An opposition politician said the fall caused one of Latin America's poorest countries to lose $3m.
The rollout of bitcoin in El Salvador was far from what President Nayib Bukele would have envisaged when he began his bold experiment.
Platforms such as Apple and Huawei weren't offering the government-backed digital wallet, known as Chivo, and servers had to be pulled offline after they couldn't keep up with user registrations.
-snip-
Read more: https://www.bbc.com/news/business-58459098
Around 1,000 protesters took the the streets of San Salvador opposing the Latin American country's adoption of Bitcoin (EPA)