El Salvador Buys 100 Bitcoin After Crypto Market Crash
-
El Salvador has announced the purchase of 100 Bitcoin, in addition to the country’s crypto the reserves
-
This brings the total number of BTC bought by the Central American country to 1,200
-
Bitcoin remains the legal tender of the Latin American country after it was adopted in September 2021
El Salvador President Nayib Bukele has announced that the country has purchased 100 more Bitcoins, following the 7.7% decline on Friday.
Bukele shared the news via his Twitter account, posting “El Salvador just bought the dip,”.
The news comes about a week after the Central American country announced plans to sell $1 billion in tokenized 10-year dollar-denominated bonds.
This takes the country’s total Bitcoin holdings to 1,200, having announced the purchase of 420 units of the flagship cryptocurrency last month.
Anti-bitcoin and gold maximalist Peter Schiff slammed Bukele for the purchase, terming it an “unfortunate” situation for the people of El Salvador.
Schiff believes that the country will eventually have to cut its losses and sell the cryptocurrency in its possession.
Meanwhile, Bukele disclosed the country’s plans to build a Bitcoin City last week. The president stated that the project will be funded by a $1 billion “volcano bond”.
Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.
