The Bitcoin price crossed $50,000 on Tuesday morning, almost one month after El Salvador adopted it as legal tender. On 7 September the price dropped around $5,000 from $52.5k to about $47.5k. In the intervening weeks the price fell as low as $40,000 and went up to $48,000, only to fall again.

Public sentiment around Bitcoin in El Salvador and many popular news organizations did not miss the opportunity to point out how the country’s Bitcoin value proposition had fallen in the short term. Some even deemed the adoption of Bitcoin a failure.

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