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    Home » El Salvador Buys 420 Bitcoin in Push to “Buy the Dip,” Investment Proves Worth It
    Crypto News

    El Salvador Buys 420 Bitcoin in Push to “Buy the Dip,” Investment Proves Worth It

    October 28, 20211 Min Read
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    The president of El Salvador was not scared about the price crash. Instead of complaining, he bought more Bitcoin.

    • In a tweet, Nayib Bukele posted that he bought the dip. Buying the dip is a concept that refers to capitalizing on a bear market to purchase a cheap asset during the crash, anticipating profit after the price recovers.
    • The president of El Salvador bought 420 additional Bitcoin, a meme figure associated with the marijuana community.
    • There is no way to examine the government wallet, and Bukele gave few details on the TXID of the transaction. But the investment seems to be already paying off.
    • Today, El Salvador now owns 1120 BTC, irrespective of all the controversies.
    • Despite his authoritarian practices, Nayib Bukele is possibly the most beloved President by the Bitcoin community.

    Meanwhile, 70% of the people in El Salvador are not happy about the concept of adopting Bitcoin, describing the Bitcoin Law as “not wise.”

    BTC USD up +4.10%

    Source: CryptoPotato

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