As the price of Bitcoin fell below $54,000 on Friday, Salvadoran President Nayib Bukele bought the dip once more, spending more than $5 million in the cryptocurrency.
Following a global market sell-off in response to a new COVID-19 version identified in South Africa, El Salvador’s president tweeted on Friday that he had acquired 100 Bitcoin (BTC). Bitcoin has dropped more than 20% after hitting an all-time high of $69,000 on Nov. 10 to $54,343 at the time of writing, an 8% decline in less than 24 hours, according to statistics.
El Salvador will be making a large BTC purchase, according to Bukele, on the eve of the country’s Bitcoin Law taking effect on September 7, when the price of 200 BTC was over $52,000. He’s tweeted each time the government bought bitcoin at a low price, with the country owning 1,120 BTC prior to the most recent acquisition. El Salvador now has BTC worth around $66.3 million thanks to the inclusion of the 100 coins on November 26.
Chivo – the government supports it and Salvadorans oppose it
Bukele has suggested many measures in El Salvador surrounding Bitcoin adoption and mining. Since initially unveiling legislation aimed at making Bitcoin legal money in June. The government has begun building the infrastructure to support Chivo, the government-issued Bitcoin wallet, and has lately announced intentions to build its own Bitcoin City at the base of a volcano, with $1 billion in Bitcoin bonds as the first funding source.
Many Salvadorans have opposed crypto projects, particularly Bukele and Bitcoin, and have demonstrated against them. Residents marched through the capital city in September. They damaged one of the Chivo kiosks with anti-BTC emblems and placards, destroying it. Demonstrations against the Bitcoin Law have been organised by the country’s Popular Resistance and Rebellion Block. As well as a group of retirees, veterans, disability pensioners, and other employees.