everyone in this poor central american country gets free bitcoin for signing up. this man sends money to his sister through the app, saving him and cross border fees. but like many people we spoke to, he rarely uses bitcoin in chivo, preferring the stability of the digital dollar. surveys suggest usage of the app is waning and that salvadorans are confused about the new technology. there is a feeling that if people accept bitcoin, there is a worry about the volatility and the price of bitcoin goes up and down so fast, people are scared to accept it. the government has spent at least $200 million encouraging people to use bitcoin through chivo and the president has spent nearly $100 million buying bitcoin celebrating each purchase with a tweet, the coins have plummeted in value thanks to
plus the crypto crash deepens. could it spell disaster for el salvador s multi million dollar gamble on bitcoin? we start in the us where the federal reserve has announced the biggest rise in borrowing costs in 28 years. the fed raised its key interest rate by three quarters of a percent and signalled more big increases are on the cards. as our correspondent michelle fleury reports, from washington, it s battling to control the worst inflation in four decades. intensifying its five figure inflation which is currently at a a0 year high reserve raised its key interest rate by three quarters of a percentage point
film marketers. last year the box office was worth billion, nearly $3 billion more than the us, they brought in for $.5 billion in 2021 also stop for this reason, you ve seen in the past many plugs and companies making cuts to films, it doesn t look like disney will doesn t look like disney will do that, it s a stand we haven t seen before in the film industry. haven t seen before in the film indust . . ~ haven t seen before in the film indust . w . ~ haven t seen before in the film indust . w ., ~ i. industry. 0k, neck, thank you. nick- the slump in digital currencies has continued, with bitcoin falling close to $20,000 on wednesday before recovering slightly. bitcoin is down around a third since friday. it has now lost 70% of its value since its record high back in november. the crash is being keenly felt in the central american nation of el salvador, which has poured millions of dollars into bitcoin and made it legal tender nine months ago, encouraging people to use it for day
recent crypto crashes. the government says its confidence in its long term plan. it is it is confident. the president is doubling down on bitcoin, planning to build a state of the art city shrine to cryptocurrency. the project is months behind schedule and hasn t yet been paid for. joe tidy, bbc news, in el salvador. finally, hold onto your hats it s ladies day at royal ascot. the prestigious horse racing meeting has become one of the year s biggest showcases for the hat industry. headgear is part of the ladies dress code, and for some, the more extravagant, the better.
opened pat hospital. the reason, animals are given all the care they need forjust 25 cents. the only catch is that has to be paid for with bitcoin. the pat hospital is the latest idea from the government to get people to embrace bitcoin. it s been nine months since the country s cyrptocurrency loving president made bitcoin an official legal tender alongside the us dollar. many businesses now accept this digital currency that started on niche internet forums. the novelty has created an uptick in so called bitcoin tourists and the idea is spreading. the central african republic has also made it bitcoin legal tender. for el salvador, bitcoin take up is led by a highly marketed and heavily subsidised app called chivo.