El Salvador, the first country to adopt Bitcoin as its legal tender, is continuously filling its pockets with Bitcoin during every market correction. President Nayib Bukele announced that the country has bought the dip again, investing over $5 million into BTC as the price slipped below $54,000 on Friday.
In a tweet, Bukele said that he has purchased 100 more BTC following the global sell-off in response to the news regarding fresh COVID-19 variant discovery in South Africa.
While many, including Ethereum founder Vitalik Buterin, criticize the BTC adoption decision of the El Salvadoran government, the country is making massive progress and a source of inspiration for many developing countries.
The king coin, after reaching its new ATH at $69,000, fell more than 20% to reach around $54,000 zone, an 8.8% drop. Yesterday’s candle closed at $54,300, and the market is in the recovery phase.
The immense growth of El Salvador
During the eve of El Salvador’s BItcoin law going into effect on September 7, the president announced that it would be making a major BTC purchase and bought 200 BTC when the price was around $52,000. El Salvador, during late October, increased the BTC stock by buying another 420 Bitcoins. The country currently has 1,220 BTC after the latest buy of November 26.
Bukele has proposed numerous measures in El Salvador regarding adoption and mining after first unveiling legislation aimed to make Bitcoin legal tender in June.
The country’s growth has been exponential since BTC adoption. As TheCoinRise reported, the country has decided to build an animal hospital with BTC profits. The president recently announced El Salvador’s Bitcoin city project with zero carbon-emission at the base of a volcano.
Many Salvadorans are not happy with the decision as in September, citizens marched through the capital city with anti-BTC logos and posters and destroyed one of the Chivo Kiosks.