In one of the recent developments, it has been brought forward that the famous El Salvador President, who was responsible for giving the biggest boost to Bitcoin, is now likely to have second thoughts about this kind of investment.
Bitcoin-Boosting Leader Salvadoran Is Having Second Thoughts!
He was one of the most important personalities who decided to invest 105 million dollars of Bitcoins. However, this personality is now in the position to give a second thought concerning his investment, which has been just after the value of this currency has reduced to nearly 50% of its previous volume.
This is one of the most recent headlines that is technically shaking the consciousness of all the investors because if the person who has invested such a small amount of money in cryptocurrency is now planning to give it a second thought, then the other investors are finding a signal of danger to stop them from moving ahead in this direction and do any activity that could be helpful to get the loss that they are likely to suffer.
He has been one of the personalities who has been able to hold so many Bitcoins over the period. But his investment of a hundred million dollars in the cryptocurrency has finally been reduced to only 51 million dollars.
He was technically one of the people in the world who had given the legal tender to Bitcoin last year. And with this decision, he became the first president in the whole world to do so.
He was technically considered to be a devoted purchaser of Bitcoins who used to purchase Bitcoins during every dip because he had a hope that the value would get doubled.
But in one of the recent incidents, the coin has not been able to perform in the way it has performed earlier, and it has resulted in a lot of value depletion of all the investors, out of which the president of El Salvador is also the one.
Matters To Be Taken Into Accord
It is important to mention that now this president has a different stand on Bitcoin. He can now realize that giving a legal tender to a fluctuating and volatile currency like cryptocurrency was the best decision he could have made in the interest of the economy as a whole.
However, this is technically considered quite late to think of all of this because it was in January of 2022 that the International Monetary Fund advised this country to take away the status of legal tender from cryptocurrency.
They had already predicted that something was not going to be good with Bitcoin in the upcoming future, which is why it is essential to save the value of all the people who have invested so much money.
But if the country is thinking about a second policy, then it should think about it as soon as possible so that all the potential losses which can be caused due to the falling value of Bitcoin can be undone. This is one of the most important concerns which must be considered and, at the same time, should be brought forward.