El Salvador Adds 100 More Bitcoin as Crypto Market Falls

President Nayib Bukele revealed via his official Twitter handle that the country has bought 100 more bitcoins after the BTC price fell to near $54,000.
El Salvador Adds 100 More Bitcoin as Crypto Market Falls

In Brief:

  • The El Salvadorian President bought 100 more bitcoins after the bitcoin price fell near $54,000.
  • The crash happened following the reports of a new Covid-19 variant.
  • With the new addition, the country holds 1,220 coins worth around $66.3 Million.

El Salvador President Nayib Bukele announced that the country bought 100 more bitcoins amid the crash in Bitcoin value.

On Black Friday, Nayib Bukele took advantage of the Black Friday sale and bought the bitcoin dip. Nayib tweeted that “100 extra coins acquired with a discount”.

Following reports of a new Covid-19 variant, the cryptocurrency market lost billions of dollars on Friday. Bitcoin dropped from $59,165 on Thursday afternoon to $53,798 on Friday afternoon.

When the dollar price of Bitcoin dropped last month, the president made a considerably greater purchase of 420 Bitcoins.

El Salvador holds around 1,220 Bitcoin tokens worth around $66.3 million right now, thanks to the latest inclusion of the 100 coins.

Nayib Bukele has proposed several crypto-related initiatives in the country, including those related to adoption and mining.

In September, El Salvador made bitcoin legal tender alongside the US dollar. The price of BTC was around $46,000 at that moment.

Bukele declared El Salvador’s ambitions to establish a “Bitcoin City” with a $1 billion “volcano bond” a few days ago. 

Half of the funds will be used to purchase Bitcoin, with the other half going toward Bitcoin mining infrastructure that will take advantage of the country’s volcanic energy.

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