El Salvador reacts to Bitcoin price drop and purchases 150 BTC

El Salvador didn’t miss out on the opportunity to buy the dip after the Bitcoin price dropped to $45,000 following a bullish week. Despite warnings from international agencies about El Salvador’s adoption of Bitcoin (BTC), the government continues to take advantage of market opportunities. The Bitcoin price fell below $46,000 Monday morning. Salvadoran President Nayib Bukele, a Twitter user, announced that the country had “bought” another dip. The government’s decision not to accept Bitcoin as legal tender has its problems. Apart from the protests and marches against the government’s Bitcoin decision, credit rating agency Standard and Poor’s Global stated that the adoption “has immediate adverse implications” for El Salvador’s credit rating. S&P also claimed that the move would negatively impact El Salvador’s chances to secure a $1 billion loan agreement with the International Monetary Fund. At that time, the government owned 400 BTC. El Salvador increased its Bitcoin holdings by purchasing 150 coins per week and taking advantage of two price drops in two weeks.

Relevant news

Leave a Reply