El Salvador bought the dip and added another 150 BTC worth $7 million to its wallets thanks to the latest price dump in bitcoin’s price so let’s read more in today’s Bitcoin news.
El Salvador’s BTC-supportive president announced that El Salvador bought the dip and the country reacted to the recent crash immediately, purchasign 150 more coins at an average price of over $48,500. It is safe to say that El Salvador is the most bullish country on BTC as it legalized the main cryptocurrency earlier this year.
El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
Nayib Bukele, the president of the country and his administration used every opportunity to take even more advantage of the opportunities in the market like the plannign to utilize the BTC profits to build more schools and other ventures as well. Bukele announced his intentions to build a designated Bitcoin City and purchase $500 million more worth of the asset in a special bond. Bukele then said that his country started to accumulate more coins and the purchase of 150 coins during times of Bitcoin crashing came at the right time.
With the average price of $48,670 it means that El Salvador spent $7.3 million to buy the 150 bitcoins. It’s worth noting that Bitcoin’s correction continued in the hours after Bukele announced the purchase. The crypto dropped to its lowest price since last September to $42,000 and almost all altcoins followed suit with a huge double-digit price drop with over $600 billion being deleted from the market cap. As of now, BTC reclaimed some ground and reached $48,000 but it is still down by 15% on the day.
As recently reported, El Salvador continues to lead the BTC adoption rate as the president Nayib Bukele announced the launch of a Bitcoin City with funds worth $1 billion in BTC Bonds. The initiative was initially announced by Bukele during the Bitcoin Week conference which sought to celebrate BTC’s mainstream adoption in the country and to increase the participation from the citizens. The president envisions the Bitcoin city to be fully functional with residential areas, restaurants, and shopping malls that will be centered around Bitcoin. The resident is a subject to a value-added tax which as per Bukele it will be used to pay the municipality’s bonds and the rest will be used for public infrastructure and city maintenance.
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