El Salvador’s President “buys the dip” and secures 700 BTC for the country
Another major purchase made by Nayib Bukele reinforces the country’s compromise to invest in the new legal tender
El Salvador’s President Nayib Bukele informed via Twitter this Monday (Sep 20), that he “bought the dip” and purchased 150 more BTC, increasing the sum of Bitcoins acquired for the country in a total of 700 coins.
In this tweet, Bukele played with the “presidential advice” by telling followers that “They can never beat you if you buy the dip”. The expression used is commonly known as the action of buying more of a certain cryptocurrency when its price goes low in the market.
When the Salvadoran President announced the purchase, Bitcoin’s price was around $47,500, an average for BTC in the last months. However, BTC has already reached $50,000 and some specialists claim it can go higher by the end of the year.
Bukele’s initiative to buy Bitcoins in order to give the newly crypto-based economy strength has been happening for a while.
One day before BTC became a legal tender in the country, the President bought 400 units of Bitcoin and stated that he planned to buy even more with the government funds to do it.
It is indeed a fact that the market has not responded very well since the President’s buying announcement. By now (6 hours later), Bitcoin’s price has decreased circa 8% and touched $43,644 in price value.
A similar movement happened the day BTC was announced as legal tender in El Salvador. However, the numbers changed through the hours and people are expecting the same with this new low.
El Salvador continues to be a study case for many since it’s the first country to adopt a cryptocurrency as legal tender. Some countries have been discussing doing the same or at least regulating the use of cryptos in their economic dynamics.
For that, every step given by the Salvadoran’s country and each response of the market have been in the public eye.
Even though some market behaviour might cause caution, some experts say that the crypto adoption by countries has to be immediate and with no hesitation.