El Salvador now owns 700 Bitcoin (BTC/USD) after purchasing 150 more coins after the flagship cryptocurrency plunged to $45,000 (£32,959.58). The country’s President, Nayib Bukele, unveiled this news through a tweet earlier today. The President also urged BTC enthusiasts to always buy dips, saying,
They can never beat you if you buy the dips.
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At the time of Bukele’s tweet, BTC was worth $45,700 (£33,472.28). However, BTC has continued plunging after El Salvador purchased the 150 BTC. At the time of writing, BTC has continued plummeting, shedding 8.21% of its value over the past 24 hours to change hands at $43,409.33 (31,808.84). As such, the country’s total BTC holdings are worth $30,386,531 (£22,259,805.22).
This purchase comes after El Salvador legalized BTC on September 7, becoming the first country in the world to achieve such a feat. A day before making BTC legal tender, the central American country purchased 400 BTC. After declaring BTC legal tender, El Salvador purchased an additional 150 coins, following BTC’s plunge from $51,000 (£37,360.30) to $43,000 (£31,499.86).
The country intends to purchase more BTC with government funds. Reportedly, El Salvador’s democratic assembly agreed to create a $150 million (£109.88 million) Bitcoin trust to enable the exchange of BTC to US dollars. Additionally, the country allows foreigners to purchase citizenship in 3 BTC.
Salvadorans don’t approve of Bukele’s decisions
While President Bukule is bullish on BTC, most Salvadorans do not share the same outlook. For instance, some protesting citizens torched a BTC kiosk in Plaza Gerardo Barrios on September 15. Reportedly, the citizens also demonstrated against Bukele’s move to consolidate power after proposing over 200 amendments to the constitution. Among these proposals is eliminating a ban on presidential re-election.
Before this, another group of protestors calling themselves the Popular Resistance and Rebellion Block demonstrated in July, aiming to stop the government from making BTC legal tender. Another group comprising retirees, veterans, and disability pensioners also protested against the government plans in August.
The country’s opposition also disapproves of the Bitcoin law. Per lawmaker Claudia Ortiz, El Salvador’s move to embrace BTC as legal tender was a massive economic decision. However, Congress approved the bill to make BTC legal tender on the same day of receiving it. She also pointed out that El Salvador is facing a fiscal crisis that has raised the cost of living.
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