Despite warnings from global institutions relating to its adoption of Bitcoin (BTC), the government of El Salvador continues to capitalize on market opportunities.
- As the Bitcoin price dropped under $46,000 on Monday, Salvadoran President Nayib Bukele stated on Twitter that the country has “bought the dip.”
- With 150 new BTC purchases, the Central American government now holds 700 BTC, valued at close to $32 million at the time of writing.
- In an acceptance node to the “not financial advice,” Bukele shared his “presidential advice” by reminding his followers that “They can never beat you if you buy the dips.”
- El Salvador bought another dip on the day BTC became legal tender in the country when Bitcoin experienced a flash crash under $43,000.
- El Salvador’s push toward adoption got the cryptocurrency excited, more so with the potential tax exemption for Bitcoin investors. But the government’s decision to adopt Bitcoin as legal tender is not fully free of concerns.
El Salvador made history by becoming the first nation to officially recognize BTC as legal tender. By capitalizing on the two price dips in the past two weeks, bought 150 coins every time, increasing the country’s Bitcoin holdings to 700 BTC.
BTC USD down -7.50%