El Salvador continues to buy up the dip Bitcoin (BTC)even if the crypto markets suffer a major crash.
El Salvador President Nayib Bukele recently announced that the Central American nation bought another 500 BTC at an average purchase price of around $30,744.
“El Salvador just bought the dip!
500 coins at an average USD price of ~$30,744
According to Bloomberg calculations, the country has now bought a total of 2,301 Bitcoin for $103 million. With BTC trading at $29,027 at the time of writing, this treasure is currently worth just $66.9 million.
El Salvador made bitcoin legal tender for the first time last September and has since regularly accumulated BTC in its treasury.
In response, thousands of people across the country have taken to the streets to protest BTC policies and other policies enacted by President Bukele.
The International Monetary Fund (IMF) also criticized the policy, recommending in January that the Central American nation revoke BTC’s status as an official currency.
Says the international financial institution
“With the use of Bitcoin poses major risks to financial stability, financial integrity and consumer protection, as well as related tax contingencies.
Some directors also expressed concern about the risks associated with issuance of bitcoin-backed bonds.”
Bitcoin is down more than 20% in the past week and more than 27% in the past seven days.
Check the price action
Source: Crypto News Deutsch