El Salvador Calls Another Bitcoin Dip With $25 Million Purchase
El Salvador has once again deepened its bitcoin bet with another purchase. The sovereign nation had made history as the first to officially implement bitcoin as a legal tender back in September. To mark the historical moment, President Nayik Bukele had announced that the country had bought 200 bitcoins. A promise to purchase more followed the purchased and the country had kept to that promise. The country had purchased an additional 250 bitcoins after this. The third buy-in in September brought the total of El Salvador’s holdings to 700 coins. At each of these stages, President Nayib....
Related News
Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. Since then, the El Salvador government has pledged to purchase bitcoins and has held up its end of the bargain. Now, every time the price of BTC goes down, the country calls the dip and purchase a significant amount of bitcoin. In multiple instances spread through the past couple of months, El Salvador has purchased millions of dollars worth of bitcoin. The country had purchased 100 bitcoins during the last bitcoin dip. This time around, El Salvador has....
President Nayib Bukele announced the purchase of another 500 BTC leaving the total reserves of El Salvador at 1,620 BTC valued at $50 million.
El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year. The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this....
Volatility returned to the cryptocurrency market in a ‘buy the rumor, sell the fact’ scenario for Bitcoin. El Salvador appears unfazed as President Nayib Bukele bought the dip. Bitcoin (BTC) holders took profits on Tuesday, just as El Salvador moved to recognize the digital currency as legal tender in a landmark move that could have significant implications for global adoption. After hitting local highs north of $52,800 on Monday, the Bitcoin price plunged all the way to $42,900 in early Tuesday trading, according to Cointelegraph Markets Pro. Peak to trough, the flagship cryptocurrency....
Buying Bitcoin is becoming a way of celebrating different occasions or playing around with meaningful figures by El Salvador. The government of El Salvador continues celebrating significant days by buying more Bitcoin (BTC), with President Nayib Bukele announcing a new purchase of 21 BTC on Tuesday.Worth around $1,036,000 at the time of writing, El Salvador’s latest BTC investment is to celebrate the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited by 21 million BTC, Bukele said.The president also noticed that El Salvador’s....