El Salvador President Nayib Bukele announced that the Central American country purchased 410 more Bitcoins in a recent market dip. The announcement came days after his administration revealed its intentions to invest significant funds into cryptocurrency mining operations.
Amid market drop, El Salvador purchases 410 more bitcoins. President Bukele says the nation now has over 1,800 BTC and plans to issue a $1 billion 10-year bitcoin bond this year.
El Salvador is the first country to adopt bitcoin as legal tender, and we have seen great results so far. The country’s central bank reported that it had bought at least 1,391 Bitcoin before the Friday dip.
El Salvador has a new plan to make it the crypto-mining capital of Central America. With plans for an entire city focused on cryptocurrencies and tax breaks available only if you’re born there or invest money into blockchain projects, this country is quickly becoming one worth keeping your eye upon.
Salvadoran President Bukele believes that if bitcoin becomes an integral part of their country’s economy, it would be curtains for FIAT.
Bukele’s Tweets On Buying 410 Bitcoins
Bukele’s first tweet was on Jan 14, 2022, “I think I might have missed the dip this time.”
In reply to that tweet, Bukele added, “Nope, I was wrong, didn’t miss it.” He also added, “El Salvador just bought 410 #bitcoin for only 15 million dollars.”
The tweet quickly became an online sensation and gathered over 20,000 likes in just one hour.
Additionally, EI Salvador president Bukele mentioned in his tweet, “Some guys are selling really cheap.”
Was It Worthy Adopting Bitcoin As National Currency?
Bukele’s decision to make El Salvador the first Latin American country with a legal cryptocurrency sparked substantial controversy. The implementation of bitcoin as a national currency has been met by violent resistance from citizens. People believe that it will only benefit large investors rather than everyday people.
The El Salvador national debt is at an all-time high, with over 50% of the GDP in July. As a result, Moody’s has downgraded their credit rating to Caa1. This marks precarious investment opportunities. People choose not to invest in the country because they want peace of mind regarding currency stability and risk mitigation against unexpected events.
A recent report shows that El Salvador is seeking help to the tune of $1.3 billion from The International Monetary Fund. The country asked for help after adopting Bitcoin into its legal tender system. However, IMF already warned the Government not to adopt Bitcoin as a currency.
Featured image from Pixabay, chart from TradingView.com