President Bukele Takes Advantage of the Crypto Rout to Buy Additional Bitcoins

President Bukele Takes Advantage of the Crypto

El Salvador bought 100 additional bitcoin on Friday when the crypto dipped to around $54,000 in what was attributed to news of a new Covid-19 variant.

The country’s President Nayib Bukele said in a tweet that his government had bought the BTC at a discount following the plunge.

Bitcoin fell about 8% on Friday in an industry-wide crypto retreat that saw altcoins also drop by a significant margin. The price was the lowest recorded since October 12, and the drop came after a surge that saw the token reach $68,000 at the beginning of the month.

The El Salvador government is upbeat on Bitcoin and declared it the country’s legal tender in September. The Central American nation is also planning to launch a city built on Bitcoin.

Source: Twitter

Leave a Reply

Your email address will not be published.

Related Posts