After the most recent increase of 100 BTC, El Salvador currently holds 1,220 BTC. The value of the crypto asset when it fell to $54,000 was approximately $66.3 million.
The President of El Salvador, Nayib Bukele, once again bought the bottom of Bitcoin, investing more than US$5 million when the BTC price fell below US$54,000 last Friday.
President Bukele said in a tweet on Friday that he bought another 100 BTC after the global market plummeted due to the new crown variant discovered in South Africa. According to data from Cointelegraph Markets Pro, since the historical price of $69,000 on November 10, Bitcoin has fallen by more than 20%.
“El Salvador just bargained for BTC.
Buy 100 BTC again at a discount #Bitcoin ”
-Nayib Bukele (@nayibbukele) November 26, 2021
On the eve of the country’s Bitcoin law taking effect on September 7, Bukele announced for the first time that El Salvador would purchase BTC on a large scale. At the time, the country bought 200 BTC when the BTC price was approximately $52,000. Since then, whenever El Salvador buys BTC, Bukele will advertise it via Twitter. Before the most recent purchase, the country held 1,120 BTC. With the purchase of 100 BTC again on November 26, the value of BTC held by El Salvador at the time of release was approximately $66.3 million.
Since the first announcement of legislation that plans to make Bitcoin the legal tender of El Salvador in June, Bukele has made several initiatives around adoption and mining in the country. The government has begun to build infrastructure to support the state-issued bitcoin wallet Chivo, and recently announced plans to build a national bitcoin city around the volcano. The initial funding will depend on the issuance of $1 billion in bitcoin bonds.
Many Salvadorans have fought back against cryptocurrency initiatives, especially protests against Bukele and Bitcoin. In September, residents marching in the capital destroyed a Bitcoin pavilion in Chivo and smeared anti-BTC signs on the remains. The country’s people’s resistance and rebellion neighborhoods and groups of retirees, veterans, disabled retirees, and other workers also staged demonstrations against the Bitcoin law.
Post time: Nov-29-2021