El Salvador Buys the Dip

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Evening

So, when it comes to buying the dip, there is nothing stopping the El Salvador president Nayib Bukele, as the Central American country buys more bitcoin amid the current bear market.

El Salvador president Nayib Bukele tweeted that the country has purchased 410 bitcoin for $15 million, as the world largest crypto currency was trading at its lowest in last 6 months. He also exclaimed that some guys are selling low.

Current Bitcoin purchase takes El Salvador's Bitcoin holdings to 1801 BTC valuing $66 million. El Salvador has been the frequent buyer of Bitcoin, ever since back in September it became the first country to adopt Bitcoin as legal tender.

Nayib Bukele have been a staunch supporter of crypto currencies in general and Bitcoin in particular. After making Bitcoin country's legal tender back in September last year, Bukele also pledged building a Bitcoin tax free city off the Salvadoran coast to attract crypto investors and organizations. Bukele also called for establishing geothermal Bitcoin mining facilities to make the country a global crypto mining hub. Recently the Salvadoran government have announced to offer crypto based loans to SMEs and also plans to launch a $1 billion, 10-year bitcoin bond this year.

All of the above, have made Bukele a hero in crypto enthusiast circles, but also attracted criticism from various global financial institutions and sparked protests by Salvadorans public. This is the first time Bitcoin have been adopted on such scale and it remains yet to be seen if the Bitcoin investment strategy can help the debt laden Salvadoran economy.

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