President Who Lost $56 Million in Bitcoin Trading Seeks Reelection

Arguably one of the most prominent traders in the cryptocurrency space, who is also a president of a real country with real economics, Nayib Bukele is seeking reelection, using the implementation of Bitcoin as a national currency and fighting crime as his main campaign message.

As we have mentioned before, Bukele’s portfolio is far from a trader’s dream and is now in a massive loss. It will most likely remain at a loss until the new bullrun on the market starts. The average entry of Salvador’s president into Bitcoin is at $51,000, while BTC is trading at $19,573.

His last purchase was made back in July, when the price of the first cryptocurrency plunged to $19,000.

Using Bitcoin as national currency

Unfortunately, unsuccessful Bitcoin trading is not the only problem with the digital assets implementation strategy. Bukele has been actively advocating for implementation of Bitcoin as a national currency, which includes paying taxes with digital currencies, usage of BTC as a payment tool and integration of the cryptocurrency in foreign trading.

As the data shows, the experiment failed miserably, as the majority of Salvadorians did not want to use a relatively complicated technology — especially elderly citizens.

Crime crackdown

The Bitcoin experiment is not the only thing Bukele has done throughout his reign, as one of the main points of his program will be a successful crime crackdown. Under his management, El Salvador «lost» its place at the top of the list of the most homicides per capita.

Thanks to effective measures against criminal gangs, Bukele’s approval rating skyrocketed and became the highest of any leader in the Americas, which makes his chances for reelection higher than they may have seemed after the catastrophic Bitcoin experiment.

Source