Nayib Bukele, President of El Salvador, announces the purchase of an additional 100 BTC amid a Bitcoin price drop below $ 55,000. Bukele wrote on Twitter:

“El Salvador just bought a bitcoin dip. There are 100 more coins at a discount. “

Bitcoin price fell nearly 8% that day to $ 53,569, a low not seen since early October before bouncing back to current levels. At that price, El Salvador’s purchase of 100 BTC would be worth over $ 5.4 million.

Source: TradingView

El Salvador officially recognized Bitcoin as legal tender in September and purchased the coin in multiple batches, starting at 200 BTC on September 6th. A few weeks later, they bought another 150 BTC. Then on October 28th it bought 420 BTC. Other intermittent additions brought its total inventory to 1,120 BTC, now valued at more than $ 66 million.

Once Bitcoin becomes legal tender, citizens of the country will be able to download El Salvador’s official wallet and receive $ 30 in BTC for free. El Salvador is currently aiming to build the world’s first Bitcoin city with Bitcoin-backed bonds, a plan announced earlier this week. The country also plans to spend the profits from Bitcoin on building schools.

However, the country has come under fire from various financial leaders. The International Monetary Fund (IMF) warned against using Bitcoin earlier this month. Bank of England Governor Andrew Bailey raised similar concerns yesterday.

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