El Salvador Added 100 More Bitcoins, Confirmed By President Bukele

SYNOPSIS

  • El salvador has purchased 100 more bitcoins after the value drops.
  • The country had purchased 1,120 bitcoins as of October 28.
  • Bukele has pushed for the adoption of bitcoin, claiming that it will make it easier for millions of Salvadorans.

El Salvador’s President, Nayib Bukele, announced on Friday that his country had purchased another 100 bitcoins after the digital currency’s value dropped, increasing the country’s cryptocurrency holdings despite widespread criticism of the government’s policy.

Bitcoin, the world’s most popular digital currency, plummeted 7.8% to $54,377 on Friday, its lowest level since October 12.

It was on course for its largest one-day slide since September 20 and is now down more than 20% from its recent high of $69,000.

“El Salvador just bought the dip. 100 extra coins acquired with a discount,”

The country had purchased 1,120 bitcoins as of October 28.

Chief economist and global strategist Peter schiff wrote on Twitter that, “It’s unfortunate for the people of El Salvador. I wonder how many more dips they will buy before they cut their losses and sell?”

On which a Twitter user mocked him by asking him when will he cut his losses on gold. On which he replied that he’s buying gold when it was $300 per ounce.

El SALVADOR’S BITCOIN JOURNEY

El Salvador became the world’s first country to embrace bitcoin as legal tender in September, a move that drew international attention but also drew condemnation from the opposition and international financial institutions.

Bukele has pushed for the adoption of bitcoin, claiming that it will make it easier for millions of Salvadorans living abroad to transfer money home.

It will also bring financial inclusion, investment, tourism, and growth, according to him.

However, the International Monetary Fund (IMF) advised on Monday that El Salvador should not utilise bitcoin as legal tender because of the cryptocurrency’s hazards.

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