El Salvador purchased the bitcoins as the cryptocurrency market was losing billions. El Salvador purchased 1,370 bitcoins with the most recent buy. Nayib Bukele, Salvadoran President, stated that they bought the coins seven minutes before cryptocurrency’s price dropped to zero.
El Salvador buys the Dip: Treasury gets 150 Bitcoins
Many cryptocurrencies have seen their prices plummet since Friday night. Bitcoin dropped almost 14%, from slightly over $52K at 11.42 p.m. PDT to under $45K by 12:28 a.m. EDT, based on data from Bitcoin.com Markets. The price of Bitcoin is currently hovering at $48,040 as of the writing of this article.
Taking advantage of the falling price of bitcoin, El Salvador’s president, Nayib Bukele, tweeted at 12:19 a.m. about his country’s latest BTC purchase. “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670.” He followed up with another tweet a few minutes later: “Missed the f***ing bottom by 7 minutes.”
El Salvador has taken advantage of bitcoin’s price dips several times. Bukele, who was announcing that 100 BTC had been purchased by his country in response to reports about a Covid-19 variation now called omicron on Nov. 26th, said that the currency’s price dropped due to the new Covid-19 version.
El Salvador legalized Bitcoin in September. El Salvador purchased 1,370 BTC in total since September.
The International Monetary Fund (IMF), warned El Salvador last week against bitcoin being used as legal currency. Andrew Bailey, the governor of Bank of England, also warned that he was concerned about El Salvador declaring bitcoin its national currency. Bukele responded to the boss of the British central bank by stating, “I’m really concerned about Bank of England printing money out of thin air.”
How do you feel about El Salvador buying again the dip? Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.