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El Salvador buys the dip – picks up 500 BTC price roughly $15.5M for reserves

El Salvador simply added one other 500 Bitcoin (BTC) — price roughly $15.5 million — to its reserves after the world’s hottest cryptocurrency fell to virtually $30,000 on Might 9.

President Nayib Bukele introduced that the nation had bought the dip in a tweet, including one other 500 Bitcoin to the federal government’s coffers.

El Salvador has made the biggest BTC buy since including Bitcoin to its stability sheet in September 2021, the identical month it grew to become the primary nation to simply accept Bitcoin as authorized money alongside the US greenback.

Bitcoin has dropped greater than 8% within the earlier 24 hours and is roughly 55% under its all-time excessive in November 2021.

In line with the president’s tweet, El Salvador bought Bitcoin at a median worth of $30,744.

The purchase is the most recent in a run of BTC purchases by President Bukele, who has staked his political future on the success of the nation’s Bitcoin experiment.

The nation’s option to embrace Bitcoin will not be with out detractors, who’ve grown in quantity in current months.

The Worldwide Financial Fund (IMF) has urged El Salvador to ditch Bitcoin as authorized tender in a report revealed in January.

The IMF’s report — revealed after bilateral talks with El Salvador — burdened that the adoption of cryptocurrency “entails giant dangers for monetary and market integrity, monetary stability, and shopper safety. It can also create contingent liabilities.”

In the meantime, over 75% of the nation’s residents had been “skeptical” of Bitcoin, in response to a July 2021 survey by Disruptiva. In September 2021, seven out of 10 El Salvador residents voted to repeal the legislation that made Bitcoin authorized tender.



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