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

El Salvador buys the dip – picks up 500 BTC value roughly $15.5M for reserves thumbnail
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El Salvador simply added one other 500 Bitcoin (BTC) — value roughly $15.5 million — to its reserves after the world’s hottest cryptocurrency fell to nearly $30,000 on May 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 simply purchased the dip! 🇸🇻

500 cash at a median USD value of ~$30,744 🥳#Bitcoin

— Nayib Bukele (@nayibbukele) May 9, 2022

El Salvador has made the biggest BTC buy since including Bitcoin to its steadiness sheet in September 2021, the identical month it turned the primary nation to just 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.

According to the president’s tweet, El Salvador bought Bitcoin at a median value 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 is just not with out detractors, who’ve grown in quantity in latest months.

The International Monetary 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 — pressured that the adoption of cryptocurrency “entails massive dangers for monetary and market integrity, monetary stability, and client safety. It can also create contingent liabilities.”

Meanwhile, over 75% of the nation’s residents had been “skeptical” of Bitcoin, in accordance with 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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