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El Salvador purchases the dip– gets 500 BTC worth approximately $15.5 M for reserves

El Salvador Doubles Down, Buys 500 BTC Amid Dip | Bitcoinist.com - Public  News Time

El Salvador simply included another 500 Bitcoin (BTC)– worth approximately $155 million– to its reserves after the world’s most popular cryptocurrency was up to nearly $30,000 on May 9.

President Nayib Bukele revealed that the nation had acquired the dip in a tweet, including another 500 Bitcoin to the federal government’s coffers.

El Salvador simply purchased the dip!

500 coins at a typical USD rate of ~$30,744 #Bitcoin

— Nayib Bukele (@nayibbukele) May 9, 2022

El Salvador has made the biggest BTC purchase considering that including Bitcoin to its balance sheet in September 2021, the very same month it ended up being the very first nation to accept Bitcoin as legal money along with the United States dollar.

Bitcoin has dropped more than 8% in the previous 24 hours and is roughly 55% listed below its all-time high in November 2021.

According to the president’s tweet, El Salvador acquired Bitcoin at a typical cost of $30,744

The buy is the current in a run of BTC purchases by President Bukele, who has staked his political future on the success of the nation’s Bitcoin experiment.

The nation’s option to accept Bitcoin is not without critics, who have grown in number in current months.

The International Monetary Fund (IMF) has advised El Salvador to ditch Bitcoin as legal tender in a report released in January.

The IMF’s report– released after bilateral talks with El Salvador– worried that the adoption of cryptocurrency “involves big threats for monetary and market stability, monetary stability, and customer security. It likewise can produce contingent liabilities.”

Meanwhile, over 75% of the nation’s people were “doubtful” of Bitcoin, according to a July 2021 study by Disruptive. In September 2021, 7 out of 10 El Salvador people voted to rescind the law that made Bitcoin legal tender.

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