Nayib Bukele – the president of El Salvador – has confirmed a purchase of approximately 420 bitcoins now that the currency has fallen below the $60,000 line. Bukele stated that he and his country are looking to “buy the dip” and expand their crypto horizons through the purchase.
El Salvador Adds a Lot of BTC to Its Stash
Not long ago, the world’s number one digital asset by market cap rose as high as $66,000 per unit. Now, the currency has fallen into a bit of a hole and is trading for just under $59,000. Thus far, bitcoin has lost about $7,000 off its price.
For some, the maneuver is devastating, but for others, such as Bukele, this opens the door to more buying, trading, and potential HODLing should the currency decide to shoot back up again. Buy low and gain high… That’s always been the goal of every crypto trader.
In a tweet, Bukele explained:
It was a long wait, but worth it. We just bought the dip! They can never beat you if you buy the dips.
With this latest purchase, the number of bitcoins in El Salvador’s portfolio is approximately 1,120 coins.
El Salvador has been working to make a serious point in the cryptocurrency community. It became the first official nation to declare bitcoin legal tender, taking decisive action in September of this year to guarantee this route. The country, however, has not always had it easy when carving this path out.
For one thing, there was a serious lack of help coming from the World Bank, which stated in an interview that it was not looking to assist El Salvador with the implementation of its bitcoin agenda given that the volatility of the asset was too high. It could not, in good faith, support something that was vulnerable to heavy price swings, and thus stated that if El Salvador was going to enforce bitcoin legality, it would have to do so on its own.
The nation also experienced a lot of inner turmoil in working to make bitcoin legal tender. There were many individuals throughout the nation that were not pleased with the idea of having to use or accept bitcoin for goods and services. They complained about the alleged illicit ties bitcoin had to criminal organizations and stated their assurance that the U.S. dollar – the currency the nation had long been dependent on – was stable enough for continued use. Many anti-bitcoin protests later erupted in the country’s capital of San Salvador.
Working Through the Trouble
Lastly, the nation’s Chivo wallet – which allows people to hold BTC units – has experienced many technical delays and periods of downside, resulting in several people being unable to access or utilize their crypto funds for purchases.
In any case, it looks like El Salvador is doing all it can to continue bitcoin consumption – even going so far as to set up a mining rig that relies on volcano power.