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El Salvador Buys the Bitcoin Dip Again, Here’s How Much They Bought

Government faces investigation into Bitcoin Trust’s expenditure


Bitcoin price took a 5% plunge falling from a daily high of $48,234 to a daily low of $45,394 leading to hundreds of millions in liquidation. The price decline for the top cryptocurrency came in as buying opportunity for El Salvador, the first country to make BTC a legal tender. President Nayib Bukele took to Twitter to announce that they have bought an additional 150 BTC worth $6.8 million.

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El Salvador now holds a total of 700 BTC which they started buying in September second week after Bitcoin was formally inducted as a legal tender. The President also advised that instead of panicking through these dips, people should rather buy more BTC.

El Salvador passed the Bitcoin bill in June this year and made it a legal tender on September 12, however, the BTC adoption hasn’t been seamless in the country. First, the likes of the World Bank and IMF warned the small Central American nation of disastrous impact on their economy because of the BTC adoption and also refused to help the country in the technical integration of BTC as legal tender. Later several rating agencies including Fitch and Moody’s downgraded Salvador’s credit rating.

El Salvador Bitcoin Wallet Chivo Cross Half a Million Downloads

Despite the outrages against Bitcoin adoption and several protests in the country, many of which turned violent leading to the burning of Bitcoin ATMs, Bukele maintained that the larger section of the society are happy with the decision and they are using BTC for their daily needs. Bukele also highlighted that the total number of downloads on the official Bitcoin wallet app Chivo crossed a half a million mark within two weeks of adoption.

El Salvador has not only taken a major step towards Bitcoin adoption by countries but also triggered a Domino effect on other financially challenged nations now looking towards Bitcoin for revival. Cuba and Panam could be next in line to do so.

Bitcoin price was trading at $45,705 at the time of writing trying to recover from its daily low. The top cryptocurrency has maintained its position above $45,000 which is considered strong on-chain support despite the dip.

El Salvador
Source: TradingView

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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