El Salvador, the first country to make Bitcoin a legal tender continued with its BTC traditions and bought the dip yesterday.
President Nayib Bukele took to Twitter to announce they have bought additional 100 BTCs this Black Friday. The small Central American nation started buying Bitcoin in September and currently holds 1,120 BTC in their treasury.
Bukele first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. He has tweeted each time that the government purchased coins during a price dip. Actually with the country holding 1,120 BTC before the latest buy. With the addition of the 100 coins on Nov. 26, El Salvador holds BTC worth roughly $66.3 million at the time of publication.
The fact that the plunge took on Black Friday, the day retailers slash prices to attract deal-hunters and cause shopping bonanza. And prompted many corny and tired jokes about Bitcoin being actually on sale. Hence, many holders are being encouraged to buy the dip. In late October, El Salvador bought 420 Bitcoin that was worth roughly $26 million.
Earlier this month, the tropical country also announced its plan to build the first Bitcoin city in the world. Which will be situated at the base of a volcano. It has partnered with blockchain company Blockstream in order to raise $1 billion via a “Bitcoin Bond” and fund the highly ambitious project.
Salvadoran government has posted many benefits coming from the Bitcoin law. But the currency’s adoption has not been void of criticism. Some residents in the country have protested against this law. And in September, they destroyed one of the Chivo wallet kiosks and disfigured the remains with anti-BTC logos and signs..