El Salvador ‘bought the dip,’ buying 100 more bitcoins.
El Salvador President Nayib Bukele announced on Friday that his country has purchased an extra 100 bitcoins after the digital currency’s value fell, increasing the country’s cryptocurrency holdings despite widespread criticism of the government’s policy.
Bitcoin, the world’s largest digital currency, plummeted as much as 7.8 percent to $54,377 on Friday, its lowest level since Oct. 12. It was on course for its largest one-day slump since September 20 and has already fallen more than 20% after reaching a record high of $69,000 earlier this month.
Bukele tweeted on Friday:
“El Salvador just bought the dip. 100 extra coins acquired with a discount. #Bitcoin,”
As of October 28, the nation had purchased 1,120 bitcoins.
El Salvador became the world’s first country to accept bitcoin as legal cash in September, attracting global media interest but also criticism from the opposition and foreign financial institutions.
Bukele has advocated for the use of bitcoin, claiming that it will allow millions of Salvadorans working abroad to send remittances back home. He also stated that it will promote financial inclusion, investment, tourism, and growth.
However, the International Monetary Fund (IMF) advised on Monday that El Salvador should not utilize bitcoin as legal cash due to the dangers associated with the cryptocurrency.