El Salvador buys the dip, purchase 420 more BTC

El Salvador

TL; DR Breakdown

  • El Salvador buys 420 more BTC in the dip.
  • Country now owns over 1,000 BTC in its wallet.

Nayib Bukele, the President of El Salvador, has announced that the country bought 420 Bitcoin during the dip.

Bukele displayed utmost faith in Bitcoin as he tweeted on Wednesday that El Salvador bought more BTC despite the dip. This is as the Latin American country continues to make progress since it made Bitcoin a legal tender in the country.

El Salvador already seeing returns after buying the dip

Hours after Bukele tweeted that El Salvador has bought 420 BTC in the dip, he boasted again that the investment has began to surge.

The president displayed perfect timing by truly buying the dip of the dip. In a later tweet, he adds that it’s all due to a rebalancing of accounts in the country’s Bitcoin trust, which allows him to cash out in USD when Bitcoin goes up in price.

Over 1,000 BTC now stored in El Salvador wallet

With its most recent purchase, the country now has 1,120 BTC in its wallet. His Bitcoin adoption approach to solving the economic crisis in the country has made him the most loved president among Bitcoiners.

Bitcoin maximalists like Anthony Pompliano, Michael Saylor often reference Bukele, and polls give him above 80 percent approval rating according to data from more than a dozen different surveys conducted by reputable institutions.

However, majority of Salvadorians (70 percent) are not happy about the idea of adopting Bitcoin. They say the Bitcoin law is not wise as the haste of its implementation led to intense anti-Bitcoin protests. The fact that BTC plummeted by almost 10 percent the day it began circulating as legal tender heightened outrage among critics.

However, despite posting more than $11 million in losses, BTC’s rise to a new ATH has El Salvador’s wallet in the green with about $5 million in profits even after Bitcoin’s recent plunge below $60K.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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