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El Salvador Buys The Bitcoin Dip Again, According To President Najib Bukele “They Can Never Beat You If You Buy The Dips”

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Bitcoin price fell 5% from daily high of $48,234 to daily low of $45,394, liquidating hundreds of millions. The drop in the BTC price came as a buying opportunity for El Salvador, the first country to make BTC legal tender.

Read: According To El Salvador President, Nayib Bukele, 1.1 Million Salvadorans Now Using Chivo Bitcoin Wallet


 

President Najib Bukele took to Twitter to announce that the country bought an additional 150 bitcoins worth $6.8 million.

 

Bukele also shared a “presidential tip” on Twitter, about trading BTC.

 

El Salvador now has 700 BTC in total. The Central American country bought 400 coins on September 7, the day it adopted bitcoin as legal tender. Prior to that, El Salvador Congress approved the creation of a $150 million bitcoin fund.

 

 

El Salvador passed a Bitcoin bill in June this year and made it legal tender on September 12, however, the adoption of BTC 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 country of the disastrous impact on their economy due to the adoption of BTC and also refused to help the country with technical integration of BTC as legal tender. Later, several rating agencies including Fitch and Moody’s downgraded El Salvador’s credit rating.

Recently The President of El Salvador, Mr. Nayib Bukele share some positive news on how the adoption of bitcoin is growing in the country. According to Bukele 1.1 million citizens have downloaded the Chivo wallet.

 

This is 17 percent of the country’s population. This fast wallet download speed persists despite the fact that 65 percent of smartphone models here do not yet support Chivo. Each citizen receives $30 worth of bitcoins after downloading the wallet.

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Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

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