Nayib Bukele, the president of El Salvador, helped make global history last summer after receiving an overwhelmingly favorable vote for his proposal to adopt bitcoin as a legal currency. The decision went into effect in September and, over the course of the last eight months, the cryptocurrency’s volatile nature has already begun to rear its head in damaging ways.
The value of bitcoin, which can fluctuate with as little as a post from Elon Musk, has dropped significantly in the wake of an ongoing war in Ukraine and rising inflation in the U.S. Bitcoin has now fallen below 50 percent of its all-time high.
