El Salvador’s president, Nayib Bukele, continues to push the bitcoin adoption trend in the Central American nation by adding more bitcoins to the country’s portfolio.
The El Salvadoran president confirmed in a tweet today that his government had completed the purchase of 150 bitcoins during the digital asset’s price flash crash.
Buying the dip ????
150 new coins added.#BitcoinDay #BTC????????
— Nayib Bukele ???????? (@nayibbukele) September 7, 2021
Bitcoin’s price had experienced a dramatic plunge that saw it crashing down from highs of $52,800 on Monday to around $42,000 earlier today.
El Salvador initially bought 400 BTC yesterday as part of its new $150-million Bitcoin Fund that is geared toward enabling conversions from bitcoin to the U.S. dollar as the new Bitcoin law is on its way to being implemented
President Bukele “Thanks” the IMF for The Dip
A few minutes after announcing the country’s recent purchase, President Bukele tweeted that the bitcoin “discount is ending.” He also thanked the International Monetary Fund (IMF) for the dip that helped El Salvador “save a million in printed paper.”
It appears the discount is ending ????
Thanks for the dip @IMFNews. We saved a million in printed paper.
El Salvador now holds 550 bitcoin.#BitcoinDay #BTC ????????
— Nayib Bukele ???????? (@nayibbukele) September 7, 2021
Recall that the IMF has always been against El Salvador’s bitcoin adoption decision and has often spoken about its disapproval of the initiative.
Since the IMF serves as a gatekeeper for countries like El Salvador to gain access to external credit, several critics noted that adopting bitcoin could sever the relationship between the country and IMF.
In fact, it is speculated that the IMF’s constant warnings about El Salvador implementing its Bitcoin Law on Sept. 7 could have contributed greatly to the recent fluctuations in bitcoin’s price.
President Bukele also added that the country is currently holding a total of 550 BTC worth over $25,000.
El Salvador’s Landmark Decision
The Central American nation took the whole world by storm when its Congress voted in favor of President Bukele’s bitcoin adoption proposal.
It became the first country in the world to adopt bitcoin as legal tender. To show support for this initiative, millions of bitcoin enthusiasts from around the world have agreed to convert $30 worth of their local fiat currencies to bitcoin as the El Salvador Bitcoin Law goes live.
