bitcoinBTC/USD
$ 19,690.45
ethereumETH/USD
$ 1,327.76
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.429177
xrpXRP/USD
$ 0.461249
usd-coinUSDC/USD
$ 1.00
terra-lunaLUNC/USD
$ 0.00031

El Salvador Acquires 150 BTC as it Takes Advantage of Price Dip

Granit.M
El Salvador Acquires 150 BTC as it Takes Advantage of Price Dip

El Salvador surely took advantage of the Bitcoin (BTC) price dip after the past bullish week by acquiring 150 Bitcoin (BTC). 

While the rest of the world exhibits resistance to Bitcoin (BTC) adaptation, El Salvador is rapidly taking advantage of the opportunities of the crypto industry.

On Monday morning, as the price of Bitcoin (BTC) plummeted below $46,000, Salvadoran President Nayib Bukele revealed on Twitter that his country had bought the dip. 

The Central American government now has 700 Bitcoin (BTC), worth close to $32 million at the time of publication, thanks to the addition of 150 additional coins.

President Bukele provided his “presidential advice” by noting that “They can never beat you if you buy the dips,” an obvious dig to the “not financial advice” disclaimers seen across the crypto sector.

El Salvador bought another dip on the day Bitcoin (BTC) became a legal currency in the country, when the price of the cryptocurrency dropped below $43,000, taking a sudden dive.

El Salvador’s drive toward acceptance piqued the interest of the crypto community, particularly given the possibility of a tax exemption for Bitcoin (BTC) investors. The government’s decision to accept Bitcoin (BTC) as legal tender, however, is not without flaws.

Apart from protests and rallies against the government’s decision to adopt Bitcoin (BTC), credit rating agency Standard and Poor’s Global has stated that the adoption “has immediate negative implications” for the credit rating of El Salvador. El Salvador’s odds of obtaining a $1 billion loan arrangement from the International Monetary Fund (IMF) would be risked, according to S&P.

El Salvador shocked the world on Sept. 7 when it became the first country to recognize Bitcoin (BTC) as a legal currency. At the time, the government possessed 400 Bitcoin (BTC). El Salvador increased its holdings to 700 Bitcoin (BTC) by taking advantage of two price drops in two weeks, each time purchasing 150 Bitcoin (BTC).

Also read: Coinbase Signs Contract with United States ICE Worth $1.36 Million

 

Also read:

Related News

Kim Kardashian Charged By SEC For Unlawfully Touting Crypto Security

The Securities and Exchange Commission has charged Kim Kardashian for promoting a crypto asset security sold and offered by EthereumMax on social media, resulting in a scam. This is without reporting the compensation she got for a promotion. In exchange for dropping the accusations, paying around $1.26 million in fines, forfeiture, and interest, going along with the investigations, the star of Keeping Up With The Kardashians, Kim, agreed to settle

Read More »
The action came after Binance's expansion in several nations in 2022, such as Dubai, France, Spain, and Italy, as the platform aims to expand its operations and boost global cryptocurrency usage.

Binance to Offer its Services to New Zealand

As per a blog post published on September 30, the biggest crypto exchange by trading volume, Binance, is now reportedly registered in New Zealand and opened a regional office there called Binance New Zealand as part of its effort for worldwide expansion. On September 10, Binance filed as a financial service provider with the Ministry of Business, Innovation, and Employment in New Zealand. This allowed the business to provide a

Read More »
With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources.

BlackRock Introduces New ETF Targeting European Clients

Blackrock, the biggest asset manager in the world, has revealed the introduction of a fresh ETF. With the new exchange-traded fund (ETF), European users will have access to the blockchain market. A metaverse-focused ETF may also be in the works, according to numerous sources. The iShares Blockchain Technology UCITS ETF, a new Blackrock ETF, was introduced on September 27. Blackrock provided more information about the ETF, claiming that 75% of

Read More »

My Coins

bitcoinBitcoin
$ 19,690.453.2%
ethereumEthereum
$ 1,327.763.76%
tetherTether
$ 1.000.06%
usd-coinUSD Coin
$ 1.000.21%

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]