The price of bitcoin has plummeted to a new low. At the time of writing, the world’s number one digital currency by market cap has fallen into the low $33,000 range, losing more than $5,000 from where it was last weekend. While there are many analysts and industry heads out there that are very concerned about the state of the crypto market, some – like Nayib Bukele, the president of El Salvador – are using the dip to their advantage and have bought up more BTC and grown their respective stashes.
El Salvador Has Added to Its BTC Portfolio
According to a new tweet issued last Friday, it appears Bukele has purchased more than 410 units of bitcoin for around $15 million. With the price of the currency falling so deeply, it seems like bitcoin has presented buyers with something of an opportunity to expand their portfolios for a lot less money. As crypto traders, many of us have become used to the volatility exhibited by the world’s leading cryptocurrencies and have learned to utilize these price dips to our advantage.
Bukele – being the bitcoin king of Central America for the past several months – is no exception. His tweet reads:
El Salvador just bought 410 #bitcoin for only 15 million dollars. Some guys are selling really cheap.
Bitcoin has been suffering for the past several weeks as we’ve entered the new year. The Federal Reserve in the United States has hinted that it’s looking to end a lot of the support tactics it’s put in place that were designed to assist people during the coronavirus pandemic. It appears the Fed is looking to end all bond purchases while also seeking to hike interest rates. This has ultimately caused bitcoin’s price to move around rather dramatically.
El Salvador is a unique country in that it was the first nation to make bitcoin fully legal tender. This means that people can walk into any store, company, or business and purchase everyday goods and services with bitcoin along with USD, which is the fiat currency that El Salvador has been dependent on for quite some time.
A Strong History in Crypto
While the nation has come across some difficulties in implementing its bitcoin agenda – for example, its Chivo wallet system has experienced several technical issues – the country has done quite well for itself and now seems to be convincing other countries, such as Turkey, to consider taking a chance on BTC as their national currencies experience devaluation.
Through bitcoin, the nation of El Salvador is looking to make remittance payments a lot easier for residents who work abroad. As it stands, USD fees tend to eat up a lot of remittance workers’ salaries, and Bukele has stated that he’s hoping bitcoin will change all this and allow families to keep more of what individuals make.