Despite warnings from world companies concerning its adoption of Bitcoin (BTC), El Salvador’s authorities continues to grab market alternatives.
As the Bitcoin price fell beneath $46,000 on Monday morning, Salvadoran President Nayib Bukele introduced on Twitter that the nation has “bought the dip.” With 150 new cash, the Central American authorities now holds 700 BTC, price near $32 million on the time of writing.
In an apparent nod to the “not financial advice” disclaimers proven across the crypto ecosystem, Bukele shared his “presidential advice” by reminding that “They can never beat you if you buy the dips.”
— Nayib Bukele (@nayibbukele) September 20, 2021
As reported by Cointelegraph, El Salvador purchased one other dip on the day BTC turned authorized tender within the nation, when Bitcoin skilled a flash crash to beneath $43,000.
El Salvador’s transfer towards adoption acquired the crypto universe excited, particularly with the potential tax exemption for Bitcoin traders. However, the federal government’s determination to undertake Bitcoin as authorized tender will not be completely freed from issues.
Aside from protests and marches towards the federal government’s Bitcoin transfer, credit standing company Standard and Poor’s Global mentioned that the adoption “has immediate negative implications” for the nation’s credit standing. S&P additionally claimed the transfer would harm El Salvador’s possibilities of securing a $1 billion mortgage settlement from the International Monetary Fund.
Related: El Salvador’s Bitcoin day: The first of many or a one-off?
El Salvador made historical past by turning into the primary nation to acknowledge Bitcoin as authorized tender on Sept. 7. The authorities held 400 BTC then. By profiting from two price dips in two weeks, buying 150 cash every time, El Salvador raised its Bitcoin holdings to 700 BTC.