By Lucas Williams
The first nation to make BTC a legal tender, El Salvador continues with its Bitcoin traditions. It added its holdings during yesterday’s dip. Nayib Bukele, the Salvadorian president, posted on Twitter, announcing that they have purchased 100 more Bitcoins this Black Friday. The Central American country began Bitcoin buying in September, boasting around 1,100 BTC at the moment.
Yesterday’s flash crash in the cryptocurrency market had top coins bleeding in double digits, losing almost all the gains attained during October’s bullishness. Bitcoin declined under the critical support level of $55,000 as the global market witnessed liquidations amounting to more than $700 million. Even as investors remained in panic mode due to the liquidations, El Salvador was an opportunity to buy more Bitcoins at discounted prices.
Keep in mind that some individuals criticized El Salvador when it bought its first Bitcoin dip, warning that the country would lose money. The nation purchased its first BTC dip when the leading crypto crashed to levels around $35,000. However, Bitcoin’s price nearly doubled in October, earning El Salvador impressive profits. The country’s president declared using the BTC returns to build hospitals and schools.
El Salvador Building a BTC City
El Salvador appears fully dedicated to its BTC objectives, ignoring multiple warnings from World Bank and IMF. Keep in mind that the nation proved the global institutions wrong as they forecasted a massive failure for the BTC legal tender. Things turned somewhat opposite as the crypto helped Salvadorians end external aids from the IMF.
Before legalizing BTC, the nation had sought aid ($1 billion) from IMF. Nevertheless, the IMF’s reservation against Bitcoin use could not help the country’s case. As a result, Bukele drifted Volcanic BTC bonds and declared plans to construct a BTC City.
BTC, the world’s leading digital currency, saw a 7.9% drop on Friday. That had it hitting $54,370, its lowest value since 12 October. The crypto explored its highest 1-day fall since 20 September. Moreover, BTC now trades over 20% low since recording an ATH near $69,000 over the past weeks.
What are your thoughts on El Salvador’s dip-buying traditions? You can comment below.