With the cryptocurrency market losing billions of dollars, El Salvador took advantage of the drop in Bitcoin prices early on Saturday to buy on dips. Through the latest purchases, El Salvador purchased a total of 1,370 Bitcoins. According to El Salvador’s President Nayib Bukele, these tokens were purchased 7 minutes before the cryptocurrency price bottomed out.
El Salvador buys on dips: 150 bitcoins added to the Ministry of Finance
The price of many cryptocurrencies began to plummet on Friday night. According to data from Bitcoin.com Markets, Bitcoin fell from just over 52,000 U.S. dollars at 11:42 p.m. Eastern Time to below 45,000 U.S. dollars at 12:28 a.m. , A drop of nearly 14%.At the time of writing, the price is Bitcoin Hovering around US$48,040.
The President of El Salvador, Nayib Bukele, took advantage of the falling Bitcoin price and tweeted about the latest news in the country at 12:19 a.m. Bitcoin Buy. “El Salvador just bought the dipping sauce! 150 coins, the average dollar price is about 48,670 US dollars.” A few minutes later, he tweeted: “Miss the bottom of the 7 minutes.”
El Salvador has repeatedly used the opportunity of falling Bitcoin prices. Booker, November 26 disclose His country bought another 100 Bitcoin Following the reports of the new Covid-19 variant (now called omicron), the price of cryptocurrencies fell.
Bitcoin became legal tender in El Salvador in September along with the U.S. dollar. Since then, El Salvador has purchased 1,370 Bitcoin common.
Last week, the International Monetary Fund (IMF) warn The country opposes the use of Bitcoin as legal tender.The same goes for Andrew Bailey, Governor of the Bank of England warn He is worried that El Salvador will make Bitcoin the national currency. In response to the Governor of the Bank of England, Booker said: “I am really worried that the Bank of England will print money out of thin air.”
What do you think of El Salvador buying on dips again? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.