New Bitcoin Purchase From El Salvador – Here’s The Amount Of BTC They Bought

Bitcoin price fell 5% from its daily high of $48,234 to a daily low of $45,394, leading to hundreds of millions of dollars worth of liquidations. The price drop of the top cryptocurrency came as a buying opportunity for El Salvador, the first country to make BTC a legal currency. President Nayib Bukele announced that they have received another 150 BTC worth $6.8 million.

El Salvador has a total of 700 BTC, which they started buying in the second week after Bitcoin was officially considered legal tender. The President also recommended that people should buy more BTC instead of panicking in these dips.

El Salvador passed the Bitcoin bill in June this year and made it a legal currency on September 12, but the adoption of BTC has not been without problems. First, organizations such as the World Bank and IMF warned the small Central American country of the disastrous impact that could be had on their economy due to the adoption of BTC, and also refused to assist the country in the technical integration of BTC as a legal currency. Later, several rating agencies, including Fitch and Moody’s, downgraded Salvador’s credit rating.

High Interest in El Salvador Bitcoin Wallet Chivo Cross

Despite the backlash against the adoption of Bitcoin and various protests in the country, Bukele said that the majority of the society is happy with the decision and they use BTC for their daily needs. Bukele also emphasized that the total number of downloads on Chivo, the official Bitcoin wallet application, exceeded half a million within two weeks of its adoption.

El Salvador not only took a big step towards adopting Bitcoin by countries, it also triggered a Domino effect. Cuba and Panama may be the next countries to take action to do so.

Bitcoin price is trading at $45,705 at the time of writing as it tries to recover from its daily low. The leading currency managed to stay above $45,000, which is considered a strong support level despite the decline.


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