El Salvador, the first country to make Bitcoin a legal tender continued with its BTC traditions and bought the dip yesterday. President Nayib Bukele took to Twitter to announce they have bought additional 100 BTCs this Black Friday. The small Central American nation started buying Bitcoin in September and currently holds nearly 1,100 BTC in their treasury.
El Salvador just bought the dip.
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021
The crypto market flash crash yesterday saw major coins bleed in double digits and lose nearly all their gains from the bullish month of October. Bitcoin (BTC) fell below the crucial $55k support zone and the whole market saw over $700 million in liquidation. Even when people were in panic mode as liquidations set in, El Salvador took the opportunity to add a few more BTC to its treasury at a discounted price.
When El Salvador bought its first BTC during a similar market downturn and the top cryptocurrency was trading just above $35K, many laughed at the idea and warned their investment would turn sour. However, in October the price of the top cryptocurrency nearly doubled helping El Salvador to make significant gains on their holdings and they are already using those profits to build schools and hospitals in the country.
El Salvador is Building the First Bitcoin City
El Salvador has proven that it is fully committed to its Bitcoin goals as it ignored several warnings from IMF and World Bank. The country has proven these international institutions wrong who predicted a total collapse with BTC as legal tender. In fact, it turned out exactly the opposite, Bitcoin helped El Salvador to end its dependence on IMF for external aids.
Before making Bitcoin a legal tender, the country had sought $1 billion in aid from the IMF. However, the international body’s reservation against BTC use didn’t help El Salvador’s case. As a result, President Bukele floated Billion Dollar Volcanic Bitcoin bonds and also announced plans to build a Bitcoin City.