El Salvador’s president Naib Bukele bought again in the autumn, and invested over 5 million dollars in Bitcoin when the price fell below 54,000 dollars on Friday.
In a tweet on Friday, the president of El Salvador said he bought 100 bitcoins (BTC) after being sold on the global market in response to a new variant of COVID-19 discovered in South Africa. Bitcoin has fallen more than 20% to $ 54,343 at the time of the press release since it hit the $ 69,000 record on November 10, according to Cointelegraph Markets Pro, down 8% in less than 24 hours.
Bukele announced for the first time that El Salvador would make a major BTC purchase before the country’s bitcoin law goes into effect on September 7, and buy 200 BTC when the price was close to $ 52,000. He tweeted every time the government bought coins during the fall in prices, with the country holding 1120 BTC before the last purchase. With the addition of 100 coins on November 26, El Salvador has around $ 66.3 million worth of BTC at the time of publication.
The BTC price fell more than 8% after the news of a new type of COVID-19 in South Africa. Source: TradingView
Since the first legislation targeting legal tender for bitcoins was announced in El Salvador in June, Bukele has proposed several initiatives in the country regarding adoption and mining. The government has begun building the infrastructure to support the state-owned Bitcoin wallet Chivo and recently announced plans to launch its own volcano-based Bitcoin City with an initial $ 1 billion in Bitcoin bond financing.
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Many Salvadorans have opposed crypto-initiatives, especially against Bukele and Bitcoin. In September, residents walking around the capital destroyed one of the stalls in Chivo and smeared the remains with anti-BTC slogans and signs. The country’s popular resistance and rebel bloc, as well as a group consisting of pensioners, war veterans, pensioners with disabilities and other workers, have also staged demonstrations against the bitcoin law.