Nayib Bukele (the El Salvadoran President) purchased the dip for another time by investing up to $5M into Bitcoin (BTC) on Friday at the time when the price of the token was below $54,000. In a tweet on the same day, the president stated that he bought 100 BTC after a worldwide market sell-off as a reply to a unique COVID-19 variant found in South Africa. As per the respective data, following an all-time high value of the token on 10th November (counting up to $69,000) BTC has plunged to nearly 20% and reached close to the current $54,343 which is the current value after an 8% drop during the recent 24 hours.
Bukele initially declared to make a chief Bitcoin purchase on the day in advance of the implementation of the Bitcoin Law into the country (7th September) and purchased 200 BTC with a price of nearly $52,000. At each time of making a purchase, the president has posted tweets mentioning to have bought a dip, and the BTC holding of the country was 1,120 before this purchase.
And the 26th of November’s 100 coins make it value approximately $66.3M. After making the initial declaration of the legislation regarding Bitcoin’s status as a legal tender in the country of El Salvador this June, the president has presented many initiatives dealing with mining as well as the adoption of Bitcoin across the country.
The authorities of El Salvador have commenced with the development of some adequate infrastructure that would provide support for the assistance of Bitcoin wallet called “Chivo” which has been issued by the state. In a recent time, the government has revealed its strategies for the launch of a Bitcoin City of its own to be located at a Volcano’s base.
Firstly, a valuation of almost $1 billion has been funded on the development of the respective project. Nonetheless, several among the citizens of El Salvador have voiced in rejection of the initiatives being taken in favor of cryptocurrency, particularly in protests against Bitcoin as well as Bukele.
In September this year, the residents marched through the country’s capital city and subsequently destroyed one among many Chivo kiosks set in several places around El Salvador. The remnants of the ATM were marked with anti-BTC signs and logos. Some demonstrations have also been conducted by a group of the country’s disability pensioners, veterans, retirees, and other such workers to condemn the Bitcoin Law thereof.