El Salvador bought another 150 BTC as its price dropped to $45K and the country continues its bitcoin accumulation despite the ongoing protests against Bitcoin being a legal tender so let’s read more in our latest Bitcoin news.
El Salvador is the first nation to legally adopt Bitcoin and now owns 700 coins after the new purchase updated the president of the country and became another “buy the dip” moment as the BTC price dropped to $45K. Naybik Bukele, the president of El Salvador took it to Twitter to inform that the nation bought the dip by accumulating 150 new BTC. El Salvador has taken advantage of the low prices as BTC dropped from over $48,000 to just above $45,000 today. The latest purchase came after the previous ones with teh first one taking place in September and on that day before BTC became a legal tender in the country, the country made the initial purchase of 200 BTC. Before announcing the news, president Bukele added that no one can beat you if you buy the dips and this was his own presidential advice.
El Salvador legalized the main cryptocurrency at the start of September and became the first-ever nation to do so but a few others already started dabbing with the same idea a long time ago. To boost further adoption and investments, El Salvador provided a few benefits for those that aim to use the crypto but foreigners can now purchase citizenship for 3 BTC. Bukele’s legal advisor Javier Argueta suggested that the foreign investors won’t have to pay taxes on the profits connected to BTC.
El Salvador’s governemnt was also working on building infrastructure to support the new BTC law including the launch of a $150 million BTC trust to facilitate exchange between BTC and US dollars in the country. The law was passed by the majority in the El Salvador legislature with 62 members voting in favor of the bill and 19 opposed with three abstained.
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However, in contrast to the law, Bukele confirmed that the use of BTC as legal tender will not be mandatory. Bukele promises that the measure seeks to benefit the people and save the country up to $400 million in remittance commissions that will provide instant and more secure financial transactions. However, the people in the country don’t seem to agree as huge anti-BTC protests fill the streets.
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