Nayib Bukele, the president of El Salvador, has announced that he bought the dip (again), investing $5 million in Bitcoin when the price fell below $54,000.
Bukele revealed on Twitter that he bought 100 Bitcoin during the global market sell-off that came as a result of the new COVID-19 variant that was discovered recently in South Africa. After growing to a new ATH of $69,000 on November 10th, Bitcoin took a dip of over 20% and is now trading hands for $54,343; it also recorded a fall of 8% in fewer than 24 hours.
The president first confirmed his country would make a major Bitcoin purchase as the Bitcoin Law was about to go into effect on September 7th. The price stood around $52,000 at the time, and 200 BTC were bought. The country often acquired Bitcoin when dips were recorded, and it currently holds 1,120 BTC. With the new 100 BTC bought on November 26th, El Salvador’s total value of Bitcoin stands at $66.3 million.
Since it first confirmed in June that El Salvador planned to make Bitcoin legal tender, the president has often presented initiatives that were related to the adoption and mining of crypto. Not only has the country created its very own state-supported Bitcoin wallet, but it has also confirmed it wants to build a Bitcoin City at the base of a volcano which will initially be funded by $1 billion in Bitcoin bonds.
These decisions were received with mixed opinions by Salvadorans, who have launched protests against the adoption of Bitcoin and against Bukele. As part of the protests in September, a Chivo kiosk was destroyed in San Salvador, while others were vandalized with anti-Bitcoin messages.