The Central American country El Salvador, which broke new ground by accepting Bitcoin as a legal currency, is increasing its Bitcoin portfolio day by day.
El Salvador, whose acceptance of Bitcoin has been criticized by both countries and monetary authorities, applies the “buy from the bottom” strategy that is applied by new crypto investors and experienced traders.
Black Friday and the emergence of the new variant of Covid-19 caused a depreciation of approximately 15% in Bitcoin and cryptocurrencies.
Lastly, El Salvador’s president Nayip Bukele, who took advantage of the November 26 “Black Friday” discount, announced on Twitter that they bought 100 more Bitcoin by saying “An extra 100 coins were bought with the discount”.
El Salvador just bought the bottom.
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021
Aiming to establish a “Bitcoin City”, El Salvador announced that it had received 150 BTC during the fall of Bitcoin in September. BTC dropped from $52,000 to $43,000 in September.
Turning every drop in Bitcoin into an opportunity, El Salvador currently has 1220 Bitcoins worth 70 million.
*Not investment advice.