The cryptocurrency crash is hurting many investors, including one country that has bet big on Bitcoin.
Some businesses in the town say they have seen a 30% uptick in trade as Bitcoin Tourists, fuelled by crypto YouTuber channels, are attracted to the novelty of spending their digital coins on holiday.My travels led me to conclude that the further you move from Bitcoin Beach, the less likely you are to be able to buy things in the digital currency.
Cash is still very much king here, with more than half of Salvadoreans not owning a bank account, but President Bukele has poured $200m of public money into a subsidised Bitcoin wallet app, called Chivo.President Bukele announced plans to make Bitcoin legal tender appearing by video at a Bitcoin conference
But many people use the app for transactions in dollars, not Bitcoin. It's often used this way, for example, by people who work abroad and send money home to their families, as there are no commission or transfer fees.Another incentive to use it came into existence at the end of February, with the opening of the country's most advanced animal hospital.Large queues are common, with people and pets sheltering in lines under gazebos for their appointments.
She says the government doesn't have enough money to help vulnerable people, so shouldn't be taking risks by pouring public funds into cryptocurrency.President Bukele's Bitcoin purchases charted against the value of Bitcoin according to CoinMarketCap"We don't know exactly when or with what money they've bought bitcoins."
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