By Lucas Williams
At least a hundred more Bitcoins have been bought by the El Salvadoran Government at the time when because of the rising tide of Covid cases globally crypto-economy has been made to feel a massive dip once again. This time the country’s Bitcoin stash introduced 100 more coins @ US$ 53,978.
Unfortunately, a new and improved variant of the Covid-19 virus has become active these days, which has come from Africa. The variant is more lethal than its predecessors and has taken more human lives rapidly. Because of the new variant, many countries of the world, particularly European countries, have resorted to implementing lockdowns again. As a result of the rising tide of Covid cases across the globe, once again global economies are under immense pressure. This time however the impact of Covid is also very much visible upon the global crypto economy as well.
Bitcoin was trading hands for a price of US$ 59,165 when the Covid took over its progress and caused the dip. Consequently, the price of Bitcoin decreased from US$ 59,165 to US$ 53,798. This massive dip of US$ 5,367, however, created an opportunity of buying the dip for the El Salvadoran Government. The opportunity was gladly taken and a total of a hundred Bitcoins @ US$ 53,798 were purchased further by El Salvadoran Government. Now El Salvador’s Bitcoin exclusive treasury owns a total of 1,220 Bitcoins with the latest purchase on 25th November 2021.
Soon after buying the dip, Bitcoin’s value rebounded slightly and earned a price increase of US$ 1,032. This simply meant that since the buying of 100 Bitcoins, El Salvadoran Government has earned a profit of US$ 100,000.
It was once again a moment of happiness for the El Salvadoran President, Nayib Bukele. On Black Friday, President Bukele posted a tweet message informing that his Government has made a successful purchase of further Bitcoins. He also told the audience that they were able to once again buy the dip and earned US$ 100,000 profits in a day.
Bitcoin holds “national currency” status in El Salvador under a law called “Bitcoin legal tender”, which came into effect on 7th September 2021.