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Business Daily: El Salvador’s Bitcoin gamble

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16/06/2022 GMT

El Salvador’s Bitcoin gamble

BBC World Service - Business Daily, El Salvador’s Bitcoin gamble

El Salvador has embraced Bitcoin as legal tender. Has it worked?

El Salvador has invested heavily in Bitcoin, but with a recent dip in the price of the cryptocurrency and debts due to be paid what impact will this have on the economy?

Joe Tidy travels to El Salvador where almost everything can be paid for using the cryptocurrency Bitcoin. After President Bukele invested heavily in Bitcoin some people are questioning the long-term impact of such a move. 

For some money has flowed in from mysterious investors, but others like local economist Tatiana Maraquin think the country’s economy cannot handle the fluctuations in the value of the cryptocurrency. 

Joe visits a veterinary surgery, which offers huge discounts on treatment if it is bought using the Chivo bitcoin wallet app. 
 
Presenter/producer: Joe Tidy 

(Photo: Bitcoin poster)

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