The El Salvador government has taken advantage of the recent Bitcoin price drop by announcing the purchase of another 150 coins, worth about $6.7 million at the time of publication.
President Nayib Bukele announced the news
President Nayib Bukele tweeted that El Salvador has purchased 150 new BTC, increasing their existing holdings. Bukele also shared something he calls “presidential advice” on Twitter, stating that they can never beat you when you buy the dip. The Central American nation initially bought 400 coins on September 7, the day Bitcoin became legal tender. Earlier, Congress had approved the creation of a $150 million Bitcoin fund.
Bitcoin’s price is currently sitting at $44,830.92 and the cryptocurrency is down 7.6% in the last 24 hours. The sell-off coincided with a 4% drop in Hong Kong’s Hang Seng Index.
How is it going in El Salvador?
Now that Bitcoin is a legal tender in El Salvador, the country is working hard to improve its infrastructure, so its citizens are able to use the digital currency. According to CNBC, about 70% of the Salvadoran population receives remittances. That’s why El Salvador has also set up 50 ATMs in the U.S. for people to send money from America to their home country.
The ATMs in El Salvador are operated by a company called Chivo. Citizens of El Salvador can also claim $30 worth of BTC through Chivo’s mobile wallet. But not everyone is happy with the new ATMs. During the protests, some citizens decided to burn one of the bitcoin ATMs operated by Chivo. Those protesting Bitcoin’s adoption emphasized their concerns about the uncertainty and price volatility.