El Salvador Buys Bitcoin When It Drops Again…Here’s How Much They Bought
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Answer El Salvador Buys Bitcoin When It Drops Again…Here’s How Much They Bought
Bitcoin price dropped 5% from daily high of $48,234 to daily low of $45,500, liquidating hundreds of millions.
The higher price drop of the cryptocurrency came as a buying opportunity for El Salvador, which is the first country to make Bitcoin legal tender.
President Najib Bukele took to Twitter to announce that he had bought an additional 150 bitcoins worth $6.8 million to be added to the state-owned bitcoin treasury.
We just bought the snorkel.
150 new coins!
El Salvador now has 700 coins.# bitcoin🇸🇻
– Nayib Bukele 🇸🇻 (nayibbukele) September 20 2021
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El Salvador now owns a total of 700 bitcoins.
El Salvador started buying bitcoin in the second week of September after bitcoin was officially introduced as legal tender.
The president also advised that instead of panicking through these dips, people should buy more bitcoin.
El Salvador passed a bitcoin bill in June this year and made it legal tender on September 12, however, bitcoin adoption has not been smooth in the country.
First, the likes of the World Bank and the International Monetary Fund have warned the small Central American nation of the disastrous impact on their economy due to the adoption of bitcoin and have also refused to assist the country in its technical integration with bitcoin as a legal tender.
Subsequently, several rating agencies including “Fitch” and “Moody’s” downgraded El Salvador’s credit rating.
CHIVO Bitcoin Wallet Reaches Half a Million Downloads:
Despite the anger against the adoption of bitcoin and the many protests in the country, many of which turned into violence and led to the burning of bitcoin ATMs, the Salvadoran president confirmed that the greater part of society is happy with the decision and that they are using bitcoin for their daily needs.
Read:HSBC is working on the first letter of credit built on blockchain technology
Bukele also highlighted that the total number of downloads for the official Bitcoin wallet app called Chivo exceeded half a million within two weeks of its adoption.
El Salvador has not only taken a major step towards the adoption of bitcoin by countries, but has also led to a domino effect on other countries facing financial challenges and now looking towards bitcoin for a revival.
Cuba and Panama could be the next to do so.
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