Bitcoins: Confusion in El Salvador with the adoption of cryptocurrency as official currency

Ed Hernandez in his store

Credit, Ed Hernandez

Photo caption,

Ed Hernandez says his store will likely move $1,000 each week in bitcoin payments

Street protests, technological failures and a drop in value marked the first day El Salvador adopted bitcoin as legal tender.

Bitcoin price on Tuesday (7/9) fell to its lowest level in almost a month — from US$52,000 (R$274,000) to less than US$43,000 (R$227,000).

An opposition politician said the fall had caused one of Latin America’s poorest countries to lose $3 million.

The launch of bitcoin in El Salvador was not at all what President Nayib Bukele expected when he began his daring experiment.