El Salvador fished the bottom, bought 150 more bitcoins
The leader of the Central American country announced that it had just bought 150 more BTC coins after the price fell sharply on December 4th.
According to data from CoinMarketCap, the price of Bitcoin fell to the mark on December 4th $ 46,700/Copper. Shortly afterwards, El Salvador’s President Nayib Bukele announced on Twitter that the country had “fished the bottom” and bought 150 more. BTC on average 48,670 USD/ Copper.
According to Nayib, El Salvador bought Bitcoin 7 minutes earlier than when the cryptocurrency bottomed out, causing the country to lose its good price. “El Salvador has just bottomed out with another 150 dong BTC at a price 48,670 USD“Wrote Nayib Bukele on Twitter.
Peter Schiff, CEO of Euro Pacific Capital Inc. believes that collecting Bitcoin could cause the Central American country to lose money. “There will be many more soil formations to follow. How much tax money do you want to waste on the people of El Salvador? ”Commented Peter Schiff in the post of President.
Previously, the CEO of Euro Pacific Capital Inc. was multiple concerns about the Bitcoin bottom fishery in El Salvador.
“It is worrying for the people of El Salvador. I wonder how many more times they’ll buy before they reduce their losses and sell those assets, “commented Peter Schiff in Nayib Bukele’s post.
Conversely, many social media users support President Nayib Bukele. They argue that investing in Bitcoin will benefit the country.
El Salvador has reached Bitcoin repeatedly. With the growth of the cryptocurrency market, the country is also making significant profits.
According to the official Twitter of the office of the President of El Salvador, Nayib Bukele will take profit from Bitcoin to build 20 more schools. Before that, the president of this country started building a valuable animal hospital 4th Million dollars from bitcoin profit.
“With the remaining profit we will build 20 schools with complete and modern equipment,” said President Nayib Bukele.
The introduction of the legal tender for Bitcoin has improved the economic situation of El Salvador. In early October, the Central American country began mining Bitcoin using volcanic energy.
On October 1, the President of El Salvador, Nayib Bukele, announced on Twitter that the country had started mining Bitcoin using volcanic energy. According to CNBC, the Central American country has 0.00599179 dong. reduced BTC, corresponds approximately 269 USD.
After much criticism of the harmful effects of Bitcoin mining on the environment, El Salvador’s move is believed to have made a positive contribution to the cryptocurrency market.
“A renewable energy source was used to mine Bitcoin. This cryptocurrency is the strongest catalyst for the future development of renewable energies, ”said Bitcoin mining engineer Brandon Arvanaghi.
Bitcoin price fell continuously on December 4th. This digital currency is constantly losing hundreds of USD every hour. According to data from CoinMarketCap, BTC has lost 18.85% of its value in the last 24 hours. This digital currency is traded around the milestone 46,000 won USD/Copper. Coinglass listed 1.6 Billion USD Futures orders were liquidated in the last 12 hours. This is the biggest sell-off in the market since early September.
Glassnode data also shows sales orders BTC value 112.4 Million dollars done in just 10 minutes.