Crypto

Bitcoin »El Salvador buys 100 BTC with a discount on Black Friday

El Salvador celebrates Black Friday and buy 100 BTC with a 20% discount

With the addition of the 100 coins, El Salvador now has 1,220 BTC, worth around US $ 66.3 million after Bitcoin (BTC) prices fell to $ 54,000 USD.

Salvadoran President Nayib Bukele redeemed the drop again, investing more than $ 5 million in Bitcoin as the price fell below $ 54,000 on Friday.

In a tweet on Friday, the President of El Salvador said that he bought 100 Bitcoin (BTC) following a sell-off on the global market in response to a new variant of COVID-19 discovered in South Africa. According to data from Cointelegraph Markets Pro, since reaching an all-time price of $ 69,000 USD on November 10, the price of Bitcoin has fallen more than 20% to $ 54,343 USD at press time, a decrease of 8% in less than 24 hours.

Bukele first announced that El Salvador will make a major purchase of BTC on the eve of the country’s Bitcoin law coming into force on September 7, buying 200 BTC when the price hovered around $ 52,000 USD. He tweeted every time the government bought coins during a price drop, and the country had 1,120 BTC before the last purchase. With the addition of the 100 coins on November 26, El Salvador has BTC worth roughly $ 66.3 million at press time.

The price of BTC has fallen more than 8% following the news of a new variant of COVID-19 in South Africa.

btc bitcoin salvador 27112021Source: TradingView

Since the first announcement of legislation to convert Bitcoin to legal tender in El Salvador in June, Bukele has proposed several initiatives in the country regarding adoption and mining. The government has started building the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently revealed plans to launch its own volcano-based Bitcoin city, initially funded with $ 1 billion in Bitcoin bonds.

Many Salvadorans rejected the crypto initiatives, specifically protesting against Bukele and Bitcoin. In September, residents marching in the capital destroyed one of Chivo’s kiosks and defaced the remains with anti-BTC logos and posters. The country’s popular rebellion and resistance bloc along with a group of retirees, veterans, disabled retirees and other workers have also organized protests against the Bitcoin law.

Par Turner Wright, Cointelegraph

Turner Wright has been a freelance writer and writer for various publications over the past decade, and you can usually find him somewhere abroad. Inspired by a combination of nerves, green tea and dark chocolate.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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