Hassan Maishera
El Salvador Purchases 100 More Bitcoins
El Salvador is the most bullish country in the world at the moment regarding cryptocurrencies. The government has taken advantage of the recent dip in the prices of cryptocurrencies to purchase more bitcoins.
President Nayib Bukele announced this on Friday after Bitcoin’s price dropped towards the $54k level. He said, “El Salvador just bought the dip. 100 extra coins acquired with a discount.” Bitcoin was trading above the $57k level on Friday before dropping by more than 5% within a short period.
El Salvador made history as the first country in the world to make Bitcoin a legal tender. The move became official in September despite criticism from the United States, the International Monetary Fund (IMF) and other leading global organizations.
President Bukele has stuck to his guns and invested millions of dollars in Bitcoin over the past few months. The country has started to rip the benefits of investing in the leading cryptocurrency as they are set to build 20 schools from the profit generated by their Bitcoin Fund.
The leading cryptocurrency has suffered huge losses in recent weeks. Bitcoin reached a new all-time high of $69,044 earlier this month but has underperformed since then. It has lost nearly 20% of its value since the all-time high and is currently struggling above the $54k level.
Bitcoin’s recent losses were caused by the new Coronavirus variant discovered in South Africa a few days ago. The possibility of another global lockdown has caused investors to panic and sent the entire financial markets into the red zone. Cryptocurrencies, stocks, forex and commodities were all trading in the red by the time the markets closed on Friday.
