Despite warnings from global authorities about the introduction of Bitcoin (BTC), the government of El Salvador continues to seize market opportunities.
When Bitcoin price fell below $ 46,000 on Monday morning, President Salvador Nayib Bukele said announced on Twitter that the country has “bought the drop”. With 150 new coins, the Central American government now holds 700 BTC, valued at nearly $ 32 million at press time.
In an obvious nod to the “no financial advice” disclaimers displayed in the crypto ecosystem, Bukele shared the “advice of the president” by stating, remember, “you can never beat you if you buy discounts”.
Advice from the President
– Nayib Bukele (@nayibbukele) September 20, 2021
As Cointelegraph reports, the day BTC became legal tender in the country, El Salvador bought another drop when Bitcoin saw a rapid drop below $ 43,000.
El Salvador’s move toward adoption has thrilled the crypto universe, especially with the option of tax exemptions for Bitcoin investors. However, the government’s decision to adopt Bitcoin as legal tender is not entirely unproblematic.
In addition to protests and marches against the government’s Bitcoin move, rating agency Standard and Poor’s Global said the adoption would have “an immediate negative impact” on the country’s creditworthiness. S&P also claimed the move would hurt El Salvador’s chances of getting a $ 1 billion loan deal from the International Monetary Fund.
Related: Bitcoin day in El Salvador: first of many or just once?
El Salvador made history by becoming the first country to recognize Bitcoin as legal tender on September 7th. At the time, the government held 400 BTC. By using two two-week halves with the purchase of 150 coins each, El Salvador increased its Bitcoin holdings to 700 BTC.