Search
 
News

Tough Start for Bitcoin as Legal Tender

The biggest test in bitcoin’s 12-year history had a rocky first day.

By Michael McDonald & Ezra Fieser | September 07, 2021 at 06:28 PM

El Salvador’s experiment using bitcoin as legal tender had a rocky start, as its price crashed on its first day as legal tender, while the rollout was hampered by technical glitches.

The cryptocurrency plunged as much as 17 percent, to its lowest level in a month, before paring losses, amid news that the government disconnected its bitcoin wallet early on Tuesday to fix problems and announced it was running tests to make the currency available for download later in the day. El Salvador President Nayib Bukele said his country had taken advantage of the crash to “buy the dip,” adding 150 coins to take its total holding to 550, worth about $26 million. The Bloomberg Galaxy Crypto Index, which tracks some of the largest cryptos, lost as much as 19 percent, while other smaller digital assets were also sold off.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

U.S. Dollar Has Strong Start to 2023

U.S. Dollar Has Strong Start to 2023

Alice Gledhill |

Only the Japanese yen has proved stronger than the greenback among G-10 currencies so far this year, with the Norwegian krone, euro, and Swiss franc falling sharply.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.