El Salvador President Nayib Bukele “Buy the dip” again, investing more than $5 million in Bitcoin as it dropped below $54,000 on Friday.
In a tweet on Friday President of El SalvadorsaidHe has bought 100 Bitcoin (BTC) after a global sell-off in response to the discovery of a new form of COVID-19 in South Africa, according to data from Cointelegraph Markets Pro Since hitting $69,000 on Nov. 10, Bitcoin has fallen more than 20% to $54,343 at the time of writing, down 8% in less than 24 hours.
El Salvador just bought the dip.
100 extra coins acquired with a discount #Bitcoin
— Nayib Bukele
(@nayibbukele) November 26, 2021
Bukele first announced that El Salvador would be making a massive BTC purchase in the lead up to the country’s Bitcoin legislation, which will take effect on Sept. 7, buying a total of 200 BTC at around $52,000. When the government buys a coin during a falling price The country held 1,120 BTC before the last purchase. And with the addition of 100 BTC on November 26, El Salvador holds approximately $66.3 million worth of BTC at the time of publication.
Since announcing his goal to legalize Bitcoin in El Salvador in June, Bukele has proposed several initiatives in the country on increasing adoption and mining. The government has begun building infrastructure to support the state-issued Bitcoin wallet Chivo, and recently revealed plans to launch its own “Bitcoin City” at the base of the volcano. which initially funded $1 billion in Bitcoin bonds.
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