El Salvador decides to buy the dip as it purchases 420 Bitcoin
El Salvador has bought another 420 Bitcoins to take advantage of the recent price drop, President Nayib Bukele announced in a post on Twitter.
El Salvador now owns 1,120 Bitcoins
El Salvador began buying bitcoin on September 6, even before the bitcoin law went into effect. On September 7 and again on September 20, the country announced that it had purchased another 150 Bitcoins. Now it has bought another 420 Bitcoins. El Salvador now owns 1,120 Bitcoins, worth $66 million at the current crypto current price of $59,000.The price of Bitcoin has since hit a record high of $66,976 earlier this month, but Bukele remains optimistic, tweeting that he has already made a profit on his latest purchase. He also says he profits from his purchases because they have a trust fund held in USD and funded with both USD and BTC. So if the BTC portion appreciates against the accounting currency (USD), the country can withdraw some USD while the trust fund is still valued the same as before because the price of Bitcoin went up.
What is the situation in El Salvador?
Currently, shops, financial institutions, and government agencies are now required by law to accept Bitcoin as a form of payment. It also paves the way for the government to disburse subsidies in this currency.The implementation of the Bitcoin law has led to President Bukele being both praised and criticized by the masses on the internet. Even Vitalik Buterin, the founder of Ethereum, criticized the law, stating that Bitcoin maximalists should not be behind it as it forces people to interact with Bitcoin, which was never the intention. Bukele has dismissed these claims, saying that citizens and institutions can decide for themselves whether to participate in cryptocurrency or not.
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