Bitcoin price downturn prompts El Salvador president to ‘buy a dip’

Protector Mini has used Bit Coin As an opportunity to add a price drop to its cryptocurrency holdings.

Salvadoran President Naib Bukele revealed that the Central American country bought 150 bitcoins over the weekend, valued at about $ 6.7 million at current exchange rates.

He made the announcement Sunday night shortly after the BitCoin price fell from $ 48,000 to $ 46,000.

“We have just sunk. 150 new coins! El Salvador now has 700 coins,” he tweeted.

“If you buy dips, they can never beat you. Presidential advice.”

The purchase comes two weeks after El Salvador officially introduced BitCoin as a legal tender The first country in the world to do so.

The country’s bitcoin law aims to benefit from cryptocurrency’s borderless and decentralized technology, but it also has major price fluctuations.

Cryptocurrency cuts the remittance fee, which is roughly 23 percent of El Salvador’s GDP, acts as a hedge against inflation and reduces the US dollar’s dependence on reserve currency.

It provides direct access to financial services in a country where 70 percent of the population does not have a bank account.

In the hours since the law went into effect on September 7, bitcoin prices fell nearly 15 percent amid the troubles of the state-backed digital wallet op Chivo.

The move has prompted demonstrations in the country, with some protesters vandalizing several Bitcoin ATMs.

A survey earlier this year found that only one-third of Salvadorans were in favor of the new law, but many did not understand what the crypto currency was.

“El Salvador has split the country into a legal tender in its BitCoin launch,” said Gunnar Jervo, co-founder of Hong Kong-based Custodian First Digital Trust Independent.

“There are always pros and cons to adopting new things, which can change people’s lifestyles with uncertainty. However, people who work in making BitCoin legitimate tenders have a strong perception of BitCoin adoption if they realize opportunities to transmit and earn BitCoin.

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