Bitcoin
Crypto Flash Crash Causes El Salvador to Purchase the Dip –
El Salvador purchased the bitcoin dip as the crypto market was losing billions of dollars. This took advantage of the falling value of bitcoin on Saturday morning. With the latest buy, El Salvador has purchased a total of 1,370 bitcoins altogether. Nayib Bukele, Salvadoran president, said that the coins were purchased seven minutes before the cryptocurrency’s price bottomed.
El Salvador Buys the Dip: 150 Bitcoins Added to Treasury
The price of many cryptocurrencies began plummeting late Friday night, with bitcoin sliding almost 14% from slightly above $52K at 11: 42 p.m. EDT to below $45K at 12: 28 a.m. based on data from Bitcoin.com Markets. At the time of writing, the price of BTC is hovering around $48,040.
Taking advantage of the falling price of bitcoin, El Salvador’s president, Nayib Bukele, tweeted at 12: 19 a.m. about his country’s latest BTC purchase. “El Salvador just bought a dip!” 150 coins at an average USD price of ~$48,670.” He followed up with another tweet a few minutes later: “Missed the fing bottom by 7 minutes.”
El Salvador took advantage of the bitcoin price drop several times. On Nov. 26, Bukele revealed that his country bought 100 more BTC as the price of the cryptocurrency dropped following reports of a new Covid-19 variant, now known as omicron.
Bitcoin became legal tender in El Salvador in September along with the U.S. dollars. Since then, El Salvador has purchased 1,370 BTC altogether.
Last week, the International Monetary Fund (IMF) warned the country against using bitcoin as legal tender. The governor of the Bank of England, Andrew Bailey, similarly cautioned that he is worried about El Salvador making bitcoin a national currency. Bukele replied to the British central bank boss by saying, “I’m worried about Bank of England printing currency out of thin air .”
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