Despite the current downturn in the cryptocurrency market, El Salvador has purchased an additional 500 bitcoins. The crypto market is currently in the red, with cryptocurrency values plummeting. Notwithstanding the tide of events, El Salvador’s president, Nayib Bukele, announced that the country had taken full advantage of the situation to increase its Bitcoin holdings.
Prior to this, the country had adopted Bitcoin as legal tender and implemented strategies to make this possible. El Salvador has been stockpiling its Bitcoin portfolio for some time, and it currently owns 2,301 Bitcoins.
President Nayib Bukele tweeted,
“El Salvador just bought the dip! 500 coins at an average USD price of $30,744”.
At the time of purchase, bitcoin has halved in value from its previous all-time high.
El Salvador is the first country to make bitcoin legal tender. This move elicited mixed reactions from different quarters. The International Monetary Fund (IMF) predicted that the decision by El Salvador would have a detrimental impact on the economy.
The United States reacted similarly, particularly because El Salvador utilizes the U.S. dollar (USD) as legal tender. The U.S. government has since enacted policies to ensure that President Bukele’s actions do not negatively affect the United States.
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