El Salvador buys 100 BTC for 20% off for Black Friday
El Salvador’s President, Nayib Bukele, has reportedly bought the dip again, having invested more than $5 million into Bitcoin as its price plummeted under $54,000 on November 26.
A tweet on the same day by Bukele said that he had purchased 100 Bitcoin after the global market had a sell-off responding to the new COVID-19 variant recently discovered in South Africa.
According to Cointelegraph Markets Pro data, since Bitcoin reached an all-time price of $69,000 on November 10, it has fallen more than 20 per cent, reaching $54,343 at the time of writing. This is an 8 per cent drop in less than 24 hours.
Bukele had first announced that El Salvador would be purchasing BTC majorly on the eve of the country’s Bitcoin Law that went into effect on September 7. He had bought 200 BTC when the price was roughly $52,000.
He has also mentioned in the tweet that each time the government purchased coins during a price dip, the country had been holding 1120 BTC before the latest buy. With the addition of another 100 coins on November 26, El Salvador currently holds BTC worth approximately $66.3 million.
Since the first announcement of legislation that had aimed at making Bitcoin legal tender in El Salvador in June 2021, Bukele has been proposing several initiatives around adoption and mining to encourage citizens to absorb Bitcoin into their daily transactions.
The government has also started construction of the infrastructure for supporting the state-issued Bitcoin wallet, Chivo. It has very recently unveiled plans for launching its own Bitcoin City at the base of a volcano, which is funded initially by $1 billion in Bitcoin bonds.
Many Salvadorans had pushed back against the crypto initiatives, specifically protesting President Bukele and Bitcoin. In September, residents had marched through the capital city, destroying one of the Chivo kiosks and defacing the remains with anti-BTC logos and signs.
El Salvador’s Popular Resistance and Rebellion Block, in addition to a group consisting of veterans, retirees, disability pensioners and other workers, had also conducted mass demonstrations against the Bitcoin Law.