El Salvador Buys The Dip—Again
Crypto Briefing | Nov 28, 2021 12:25AM ET
The country's 100 BTC purchase was worth more than $5.4 million. Nayib Bukele, President of El Salvador, announced Friday that the country had purchased another 100 BTC. President Bukele made the announcement on Twitter on a day that crypto prices were down across the board. "El Salvador just bought the dip,” Bukele wrote in a tweet. “100 extra coins acquired with a discount.”
The price of Bitcoin fell on Saturday by almost 8% to $54,239, a low not seen since early October. At that price, El Salvador’s 100 BTC purchase would be worth more than $5.4 million.
El Salvador declared Bitcoin legal tender in September and purchased it in several batches, beginning with 200 BTC on Sept. 6. Weeks later, it bought another 150 BTC. It then bought 420 BTC on Oct. 28, citing bargain prices each time. Other intermittent additions brought its total holdings up to 1,120 BTC, an amount that is currently worth over $66 million.
h2 The State of Bitcoin in El Salvador/h2Bitcoin became legal tender on Sept. 7, allowing citizens to download El Salvador’s official wallet and receive $30 of free Bitcoin. El Salvador now aims to build the world’s spend Bitcoin profits on building schools.
However, the country has attracted criticism from various finance leaders. The International Money Fund (IMF) expressed similar concerns .
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