El Salvador, the only country in the world where bitcoin (BTC) is a legal tender, has again the bitcoin bought dip. On January 21, President Nayib Bukele reported that El Salvador bought a whopping 410 BTC for $15 million.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
– Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
“Some guys sell really cheap,” Bukele says. It is a sign that the president still has great faith in the mother of all cryptocurrencies. However, El Salvador immediately loses with this purchase, as the bitcoin price has since declined further. These 410 BTC are currently worth about $14.67 million.
Bitcoin plunged with share prices combined on Thursday night, losing a whopping 11.5% of its value. Yesterday, this decline continued and this time the price fell another 13%. This morning, bitcoin even touched a low of $34,000, after falling as much as 28% in two days. It is the lowest bitcoin price since the end of July. Bitcoin seems to be making a small recovery at the time of writing after a small bounce on the $34,000. However, the price is still struggling to break through $36,000.
El Salvador buys the dip more often
The president bought the dip with El Salvador more often in recent months, but never for such a low price as the current one. For example, he bought 21 more bitcoins at 21:21:21 on the 21you are day of the 21you are year of the 21you are century. El Salvador has accumulated a whopping 1,801 BTC in total in the past six months since the bitcoin law was passed in the country. This treasury is currently worth about $64.5 million.
However, the president’s enormous confidence in bitcoin is not shared by everyone in the country. Also, certain regulators and credit rating agencies struggle with the initiative. Despite this, the president is betting 100% on bitcoin. Recently it came out that El Salvador microloans for bitcoin investigates, bitcoin bonds coming soon going to spend and build the president currently a true bitcoin city.
This is how you greet a nation when visiting! 😂 Watch the whole 30 seconds. @nayibbukele
pic.twitter.com/C6wTNeEUxW— Gabor Gurbacs (@gaborgurbacs) January 21, 2022
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