El Salvador buys additional 420 bitcoins as price dips


Choose your language:
Bitcoin has dropped below the $60k level for the first time in over a week, with investors taking advantage of the price dip.
El Salvador is one of the most progressive countries in terms of cryptocurrencies. The president has been an advocate of cryptocurrencies and took a bold step in making Bitcoin a legal tender in the country.
The Central American country holds bitcoins in its balance sheet. However, President Nayib Bukele hasn’t had enough, and he took full advantage of the recent dip in the leading cryptocurrency’s price.
President Nayib Bukele revealed that El Salvador had bought 420 bitcoins worth $25 million earlier this week. The coins were added to the country’s treasury as he encouraged more people to buy the dip.
The president added that they are already making a profit from the bitcoins they bought as the cryptocurrency’s price tops the $59k level after dropping below it a few days ago. Bitcoin is now trading above $60k again after going up by 2.7% over the past 24 hours.
El Salvador set the record as the first country in the world to make Bitcoin a legal tender. The bill, which was approved by the country’s legislature earlier this year, came into effect last month. Since then, the government has been putting everything in place to make it a smooth transition for the people, including the launch of the Chivo digital wallet.
The Bitcoin adoption in El Salvador has been growing since its launch a few weeks ago. However, the government has been offering incentives to promote the use of bitcoins in day-to-day activities. Furthermore, the government has also started mining Bitcoin in a bid to increase its revenue from the crypto space.
Bitcoin is now above the $60k level and could surge higher towards its all-time high at $67,200 over the coming days or weeks. If that happens, then El Salvador would make substantial profits from the bitcoins they added to their treasury earlier this week.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Litecoin price analysis: LTC’s rally brings $150 into focus

Next Post

Ripple, IOTA and NEM Could Continue Bearish Trend

Related Posts