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.

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.

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.

“Bitcoin City” will be situated along the Gulf of Fonseca near a volcano.

According to Bukele, the government plans on opening a power plant by the volcano to provide energy for both the city and Bitcoin mining.The president also confirmed El Salvador will issue a $1bn “bitcoin bond,” a tokenized financial instrument developed by Blockstream, on the Liquid Network.

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