Gene Hudson 
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.
Posted In: El Salvador, Adoption, InvestmentsRecent El Salvador Stories El Salvador buys the dip – picks up 500 BTC value roughly $15.5M for reserves Anthony Clarke · 8 hours in the past · 1 min learn Study finds El Salvador’s Chivo Bitcoin Wallet is just not extensively used Samuel Wan · 2 weeks in the past · 2 min learn Bitfinex CTO reveals key info on El Salvador’s up and coming Volcano Tokens Samuel Wan · 3 weeks in the past · 4 min learn Get an Edge on the Crypto Market 👇Become a member of Cryptonomie Edge and entry our unique Discord group, extra unique content material and evaluation.
On-chain evaluation Price snapshots More context Join now for $19/month Explore all advantages Spend with the Crypto.com Visa Card and rise up to eight% again Buy Bitcoin and 80 cryptos with 0% charges Commitment to Transparency: The writer of this text is invested and/or has an curiosity in a number of property mentioned on this submit. Cryptonomie doesn’t endorse any mission or asset that could be talked about or linked to on this article. Please take that into consideration when evaluating the content material inside this text.
Disclaimer: Our writers’ opinions are solely their very own and don’t replicate the opinion of Cryptonomie. None of the knowledge you learn on Cryptonomie ought to be taken as funding recommendation, nor does Cryptonomie endorse any mission that could be talked about or linked to on this article. Buying and buying and selling cryptocurrencies ought to be thought of a high-risk exercise. Please do your individual due diligence earlier than taking any motion associated to content material inside this text. Finally, Cryptonomie takes no duty do you have to lose cash buying and selling cryptocurrencies.
