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.
President Najib Bukele took to Twitter to announce that the country bought an additional 150 bitcoins worth $6.8 million.
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#Bitcoin??
— Nayib Bukele ?? (@nayibbukele) September 20, 2021
Bukele also shared a “presidential tip” on Twitter, about trading BTC.
They can never beat you if you buy the dips.
— Nayib Bukele ?? (@nayibbukele) September 20, 2021
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.
1.1 millones de salvadoreños ya utilizan @chivowallet (y aún no hemos habilitado el 65% de los modelos de teléfono).
Parece que lograremos bancarizar más personas en 1 mes, de lo que hicieron con nacionalizaciones y privatizaciones de la banca tradicional en 40 años.#Bitcoin??
— Nayib Bukele ?? (@nayibbukele) September 18, 2021
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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