El Salvador didn’t miss the opportunity to buy the dip as the price of Bitcoin (BTC) dropped to $45,000 after a bullish run. Global agencies have been warning the country over its adoption of Bitcoin as a legal tender, but at the moment the government of El Salvador has continued to buy more bitcoin at every opportunity they get.
On Monday morning, the president of El Salvador Nayib Bukele announced on Twitter that the country has bought the dip with 150 new coins the country now holds 700 Bitcoin, which is worth 32 million dollars.
In another tweet “not financial advice” to the disclaimer shown around the crypto ecosystem, Bukele shared his presidential advice by reminding “they can never beat you if you buy the dips”
The adoption of Bitcoin BTC in El Salvador has not been hitch-free although crypto enthusiasts globally have been happy about the development in the crypto space. there is even a possible tax exemption for Bitcoin investors in the country. There have been protests and marches against the government’s Bitcoin move, credit rating agency standards and poor global said the adoption has had an immediate negative impact on the countries credit rating.
They also claimed that the move will also end the chances of securing a 1-billion-dollar loan from the international monetary fund. The president announced that over 500,000 El Salvadorans have already opened a Bitcoin wallet with Chivo showing signs of acceptance by some citizens.
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