El Salvador Buys the Dip as Bitcoin (BTC) Falls for Second Consecutive Day
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- The country’s Treasury acquired another 410 Bitcoins.
- Right now, the Central Bank of El Salvador has almost 1400 BTC on hand.
On Saturday, the 22nd of January, the wider cryptocurrency market was down 8%. Investors have lost more than $350 billion in the crypto market so far on the second day of severe selling.
It has fallen 8.78 percent in value and is presently trading at $35,428 on CoinMarketCap, with a market capitalization of less than $700 billion. More than 15 percent of Bitcoin’s weekly losses have now been attributed to the two-day market slump.
Read More: Bitcoin Price Prediction
Nayib Bukele, the president of El Salvador, likes to keep his head up and views the crypto market turmoil as a purchasing opportunity. El Salvador’s President Bukele stated only a few hours ago that the country’s Treasury had acquired another 410 Bitcoins for a whopping $15 million.
Opted to Ignore Detractors
Bukele, on the other hand, has come under fire because of the country’s unrealized losses on its Bitcoin investments, which now total more than $15 million. Right now, the Central Bank of El Salvador has almost 1400 BTC on hand. Bitcoin critic Peter Schiff responded to Bukele’s most recent announcement.
The critic wrote:
“That means you wasted over $36,500 per Bitcoin. If you want to make bad bets on Bitcoin do it with your own money. Why didn’t you include in your tweet how many Bitcoin you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don’t buy the next!”
Even last year, Moody’s cut El Salvador’s rating as its USD bonds have been on a freefall since the country’s Bitcoin move. On the other hand, President Nayib Bukele of El Salvador has opted to ignore his detractors and proceed with his Bitcoin ambitions. According to the country’s government, small companies in El Salvador will soon be able to apply for bitcoin-backed loans. Small company owners will acquire the money they need via the new program.
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