Money & Banking

El Salvador ‘bought the dip’ and purchased 100 extra bitcoins

Reuters | | Updated on: Nov 27, 2021
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In September, El Salvador became the world’s first nation to adopt bitcoin as legal tender

El Salvador President Nayib Bukele on Friday said his country had bought an additional 100 bitcoins after the digital currency declined in value, building on the country’s cryptocurrency stake despite vast criticism about the government’s strategy.

Bitcoin, the world’s largest digital currency, on Friday fell as much as 7.8 per cent to $54,377, its lowest since October 12. It was on track for its biggest one-day drop since September 20 and is now down more than 20 per cent since touching a record high of $69,000 earlier this month.

“El Salvador just bought the dip. 100 extra coins acquired with a discount. #Bitcoin,” Bukele tweeted on Friday.

As of October 28, the country had bought 1,120 bitcoins.

Also see: El Salvador sees greener cryptocurrency mining in its future

In September, El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions.

Bukele has championed the adoption of bitcoin, arguing it will help millions of Salvadorans living abroad send remittances back home. He has also said it will bring financial inclusion, investment, tourism, and development.

But the International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender considering risks related to the cryptocurrency.

Published on November 27, 2021

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