Country's president jokes about working at McDonald's amid Bitcoin crash

Ritu13

Which country is so 'brave' to allocate funds for investing in Bitcoin? Moreover, it considers Bitcoin investment as one of the country's main economic bets. This country is El Salvador, the first to grant virtual currency legal tender status. El Salvador even authorized the government to allocate over 200 million dollars for implementing the Bitcoin project. However, after experiencing a severe sell-off in the past few days, El Salvador has already incurred a loss of 20 million dollars in Bitcoin investments. Now, you might be thinking that with such losses, they would surely consider stopping further buying and selling. Surprisingly, that's not the case. In the midst of Bitcoin's significant decline, El Salvador spent an additional 15 million dollars to purchase 410 more Bitcoins, bringing their total holdings to 1,500.

However, this recent purchase doesn't seem to be a wise move, as the price of Bitcoin continues to decline. It's no wonder that El Salvador's President Nayib Bukele posted a photo on Twitter, wearing a McDonald's uniform, poking fun at himself for having to work at the fast-food chain and earn the minimum wage after the Bitcoin purchase took a nosedive. Even Billy Markus, the co-founder of Dogecoin, commented under the tweet, saying, 'Welcome to the McDonald's family.'

Buying Bitcoin is like having the mindset of becoming rich with one thought and working at McDonald's with another. If you were in this situation, what would you choose?

Janak9955

Although the investment in Bitcoin is done in the name of the country, it is, at best, a slightly larger retail investor.

Yamini003

El Salvador is still too small and weak as a country.

Samiksha

Countless people have become wealthy overnight, but there are also countless people who have lost everything.

Ritu77

I personally don't recommend going against the trend; buying during an uptrend is always better than buying during a downtrend.