El Salvador buys the dip again
The government of El Slavador confirmed on Friday that it purchased 100 additional Bitcoin as the price of the prominent crypto currency fell below $54,000.
It was of course president Nayib Bukele who made the announcement via Twitter.
“El Salvador just bought the dip. 100 extra coins acquired with a discount,” Bukele said.
El Salvador just bought the dip.— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
The Bitcoin price tumbled by around 10% yesterday, along with traditional markets, as concerns over a new variant of Covid began to emerge.
The S&P 500 500, the Nasdaq, and the Dow Jones all fell on Friday, as did the oil price.
The @WHO has identified a new COVID variant which is spreading through Southern Africa. As a precautionary measure until we have more information, I am ordering air travel restrictions from South Africa and seven other countries.— President Biden (@POTUS) November 26, 2021
It has been three months since Bitcoin officially became legal tender in El Salvador and the country has not shied away from buying digital gold in the meantime, despite a series of dips.
More recently, on November 20, president Bukele confirmed that the country is planning to build an entire city based on Bitcoin.
El Salvador has:— Joe Pompliano (@JoePompliano) November 26, 2021
• Made Bitcoin legal tender
• Acquired roughly $75M of Bitcoin
• Is using volcanic energy to mine Bitcoin
• Building a city with no income or capital gains tax called "Bitcoin City"
You may disagree with the approach, but you have to respect the conviction.
“Bitcoin City” will be situated along the Gulf of Fonseca near a volcano.
El Salvador is selling bonds priced in $USD —- to buy #Bitcoin— ☣️ BITCOIN MAXIMALIST (@maxkeiser) November 26, 2021
- The speculative #BTC attack that started with cypherpunks in 2009
- Jumped to corporations and hedge funds in 2020/21
- Has jumped to sovereigns 🇸🇻
- Game theory will kill the $USD
And that’s a good thing. pic.twitter.com/ccqUTyxhE9