- El Salvador President Bukele has a knack of buying the dip in bitcoin price
- He adds 100 BTC to the country’s crypto holdings on Friday, before price gains 10%
President Bukele Bought the Dip Again
The President of El Salvador, Nayib Bukele, is famous for his knack of buying the dip. Every time the price of bitcoin slides more than usual, he would release a tweet saying his country has increased its bitcoin stack.
Last week’s dip in the price of bitcoin was no exception. A few hours after the leading cryptocurrency fell about 8% on Friday, Mr. Bukele had another crypto foray. In more detail, he revealed El Salvador has purchased an additional 100 bitcoin.
“El Salvador just bought the dip. 100 extra coins acquired with a discount,” Nayib Bukele said on Twitter.
The fresh purchase of bitcoin tokens has lifted the country’s crypto stack to a total of 1,220 bitcoin. In other words, El Salvador holds roughly $71 million in the original cryptocurrency, which is now trading for about $58,000.
On that note, the bitcoin-friendly Nayib Bukele made his latest crypto investment when bitcoin floated near $54,000 per token on Friday.
El Salvador Marks Economic Progress
In that context, El Salvador quickly became the most bitcoin-focused country after it adopted the coin as legal tender. Since then, the small Latin American nation has made tremendous progress toward making bitcoin work for everyone.
This said, in a recent Bitcoin conference, El Salvador government officials praised the decision to use bitcoin as a national currency. Moreover, using bitcoin has allowed the economically-weak country to expand its financial system and make it more accessible for its people.
Bitcoin Adoption Continues as Outlook Stays Positive
Against this backdrop, more countries are expected to join the club of having bitcoin as a native currency. Ukraine, Paraguay, and Panama are only some of the nations now considering making bitcoin a legal part of their financial system.
In addition, Wall Street investors already greeted the first three Bitcoin exchange-traded funds that offer futures on bitcoin.
As crypto markets are growing quickly, many of those waiting on the sideline are now jumping in to buy the dip. To this end, be sure to check our Bitcoin Buying Guide where you’ll see how you can invest in the crypto space.