El Salvador’s Bitcoin game begins with price collapse, technical difficulties

labor pains associated with Bitcoin becoming legal tender in El Salvador has been tough: protests in the streets, critics detained by the police without charge, reprimands from international bodies, and a state of national uncertainty have set the tone for the last few years. 90 days, since President Nayib Bukele established the country. along this road.

But now that Bitcoin is officially legal tender in El Salvador, even the first hours of the experiment weren’t pleasant, starting with the apparent market reaction to today’s launch.

Bukele last night announced the purchase of 200 Bitcoin (worth around $ 10 million at the time) and revealed that the country had already purchased 400 BTC for its reserves. At the time, the price of Bitcoin was over $ 50,000 per coin, approaching $ 53,000, seemingly fueled by excitement. Hours later, however, Bitcoin plunged by more than 10%, handing El Salvador its first $ 1 million in losses due to asset volatility.

Bukele responded today by saying that he bought the dip, adding another 150 Bitcoins to the country’s stock, for a total of 550 BTC. He did not specify the purchase price.

Chivo wallet, where are you?

Beyond today’s market movements, El Salvador’s first day with Bitcoin as legal tender was also marked by technical difficulties. government’s official Bitcoin wallet, known as “Chivo Wallet,” is currently not available in the official Android app store, so those wishing to use it should go to third-party stores with less transparent security policies.

government recommends its citizens to use the Huawei App Gallery.

Earlier today, however, Apple released the link for Chivo Wallet on iOS.

But anyone who has managed to download the wallet through a third party has now discovered that the wallet has stopped working.

According to Bukele, Chivo’s development team has decided to suspend the wallet’s operation to update the servers in anticipation of the heavy workload ahead. «Any data you try to enter at this time will give you an error. system is offline while the capacity of the servers is being increased. It is a relatively simple problem, but it cannot be solved with the online system. said in an official statement.

In the meantime, users can turn to their favorite Bitcoin wallet, even if they will not be eligible for the $ 30 Bitcoin gift that the government offers them. It is only available for Chivo users.

But those lucky enough to claim that $ 30 worth of Bitcoin will not be able to exchange it for US dollars, according to local reports. Instead, they will have to use the funds in affiliated markets, according to statements by the Chivo Wallet team shared by the local news agency. done.

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