Will the government of El Salvador be able to meet its debt payments?
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(CNN) --
El Salvador embraced bitcoin like no other country, with the government buying hundreds of coins last year when it announced the cryptocurrency would become legal tender.
But as the cryptocurrency market cools, the investment from El Salvador is rapidly losing value, to the tune of at least $50 million.
Salvadorans trust bitcoin despite its accelerated devaluation
As of September 2021, the Salvadoran government, led by President Nayib Bukele, has amassed 2,301 bitcoins worth $103 million.
Now, they are worth about $51 million.
El Salvador, a nation that wants to convert to bitcoin 3:33
The broader crypto market, which grew rapidly during the pandemic, has slumped in recent months.
On Monday, the value of bitcoin fell below $24,000, its lowest level since December 2020.
However, Bukele suggested on Tuesday that his enthusiasm for the cryptocurrency had not abated.
Reacting to a comment from El Salvador's finance minister that the drop represented only a small percentage of his national budget, Bukele tweeted: "Are you telling me we should buy more #BTC?"
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CNN's Ana Cooban contributed reporting.
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