Nayib Bukele, president of El Salvador announced that the Central American country had bought 410 additional Bitcoins as a result of a recent dip in market prices. This announcement comes days after Nayib Bukele, President of El Salvador, announced that his administration would invest large sums in crypto mining operations.
Amid market drop, El Salvador purchases 410 more bitcoins. According to President Bukele, the country now holds more than 1,800 bitcoins and will issue a $10 billion 10-year bond.
El Salvador is The The first nation to embrace bitcoinAs legal tender, we’ve seen amazing results. The country’s central bank reported that it had bought at least 1,391 Bitcoin before the Friday dip.
El Salvador is now the capital of crypto mining in Central America. With plans for an entire city focused on cryptocurrencies and tax breaks available only if you’re born there or invest money into Blockchain projectsThis is a country worth watching.
Salvadoran President Bukele believes that if bitcoin becomes an integral part of their country’s economy, it would be curtains for FIAT.
Bukele’s Tweets On Buying 410 Bitcoins
Bukele’s first tweet was on Jan 14, 2022, “I think I might have missed the dip this time.”
As a reply, Bukele added, “Nope, I was wrong, didn’t miss it.” He also added, “El Salvador just bought 410 #bitcoin for only 15 million dollars.”
This tweet became an instant internet sensation, with over 20,000 people liking it in less than one hour.
Additionally, EI Salvador president Bukele mentioned in his tweet, “Some guys are selling really cheap.”
Is it worth adopting Bitcoin as a national currency?
Bukele’s decision to make El Salvador the first Latin American country with a legal cryptocurrency sparked substantial controversy. Citizens have reacted violently to the idea of using bitcoin as their national currency. Many people believe it will be a benefit to large investors and not everyday citizens.
El Salvador has an unprecedented national debt, which is more than 50% of its GDP as of July. As a result, Moody’s has downgraded their credit rating to Caa1. It means that investment options are now precarious. Investors avoid the country because of uncertainty about currency stability or risk mitigation in case of unanticipated events.
According to a recent report, El Salvador has applied for help from The International Monetary Fund (IMF) in the amount of $1.3 million. After adopting Bitcoin as its legal tender, the country sought help. However, IMF has already warnedThe Government should not adopt Bitcoin as its currency.
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