El Salvador’s President, Nayib Bukele, stated that the nation acquired another 100 bitcoins on Friday. When cryptocurrency values were down across the board, President Bukele made the news on Twitter.

“Buy the Dip”

In a tweet, Bukele said, “El Salvador just bought the dip. 100 extra coins acquired with a discount.”

Bitcoin’s price dropped over 8% today to $54,239, a level not seen since early October. El Salvador’s 100 BTC acquisition would be worth more than $5.4 million at that pricing.

In September, El Salvador became Bitcoin legal money and began purchasing it in installments, starting with 200 BTC on September 6. It acquired another 150 BTC a few weeks later. Finally, on Oct. 28, it purchased 420 BTC, claiming low pricing each time. Other sporadic contributions boosted its overall holdings to 1,120 BTC, today worth more than $66 million.

El Salvador’s Bitcoin Situation

On September 7, Bitcoin became legal cash in El Salvador, enabling residents to download the official wallet and get $30 in Bitcoin for free. According to a proposal published this week, In addition, El Salvador is reportedly planning to establish the world’s first Bitcoin city using Bitcoin-backed bonds. The nation also intends to use Bitcoin proceeds to construct schools.

Nevertheless, the government has been chastised by many financial leaders. El Salvador was advised against utilizing Bitcoin by the International Monetary Fund (IMF) previously this month. Andrew Bailey, the governor of the Bank of England, raised similar worries yesterday.


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