El Salvador bets on sliding bitcoin, buys another 150 coins
In September, El Salvador became the world’s first nation to adopt bitcoin as legal tender
San Salvador: El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency’s value slumped again, enlarging his bet on the cryptocurrency despite criticism.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down about 30 per cent from the year’s high of $69,000 on November 10.
Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening.
Late on Friday, Bukele announced the government had stepped into the market again. “El Salvador just bought the dip! 150 coins at an average price of $48,670,” Bukele wrote on Twitter.
El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions.
The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency.