El Salvador, a small country that made a lot of noise earlier this year by accepting Bitcoin as legal tender, is using every opportunity it can get to acquire more coins. While many around the world are troubled by the recent 20% price drop that hit Bitcoin (BTC/USD) earlier today, El Salvador saw it as an opportunity to procure an additional 150 BTC at a cheaper price and increase its total BTC stash.
The current price drop is the biggest bear market since November 10th, when Bitcoin hit an all-time high of nearly $68,000. The country’s President, Nayib Bukele, announced that the country bought 150 BTC at the price of $48,670 per coin after BTC lost around 15% in market value. The coin’s drop did not stop there, of course, but El Salvador did set an example by buying the dip.
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Following the purchase, Bitcoin kept sinking to around $45,000, although it did recover slightly since hitting the bottom. Bukele tweeted about the price drop, acknowledging that El Salvador should have waited a bit longer. Especially since the coin bottomer out only around 7 minutes after they made the purchase.
Even so, El Salvador just managed to increase its BTC supply, and reach the amount of 1,270 BTC, worth approximately $60.3 million at this time. Before this purchase, El Salvador used another bear market on October 28th to buy 420 coins.
Following the adoption of Bitcoin, things have seemingly calmed down in El Salvador, as its people realized that they are not forced to switch to BTC, but that they do have the option to do it. The country then announced a new project on November 21st, the so-called Bitcoin City, which is an initiative funded initially by $1 billion Bitcoin bonds.
Bukele stated that BitcoinCity will offer digital and technological education and that the city will have access to geothermal energy and efficient and sustainable public transport. The project is already seeing the involvement of some prominent crypto firms, such as Bitfinex, Blockstream, and others.
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