El Salvador records another breakthrough buying of bitcoin as they just bought the “Bitcoin price dip,”.
El Salvador’s President Nayib Bukele made the announcement on monday through Twitter confirming that the country added more bitcoin. Additionally, He believes that exchanging dollars for bitcoin remains undervalued in the global market.
Meanwhile, bitcoin was trading around 45,700 when at the time he tweeted the announcement. Bitcoin is seeing a decline from its high $50,000 price mark earlier last week.
The president announced On September 6 how the country bought its 400btc. Furthermore, He also says he plans to buy a lot more using government funds.
The next day, El salvador became the first country in the world to publicly adopt bitcoin into the country’s balance sheet.
Bitcoin became a legal tender in El Salvador the next day.
However, bitcoin saw a decline from around $51,000 down to $43,000. Notwithstanding, the country also went on buying the dip again as president Nayib Bukele explains. So, this brought the country’s bitcoin holdings to 550 BTC.
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Meanwhile, This Monday’s new purchase makes El Salvador’s Bitcoin reserves to now total at 700 BTC. This makes an equivalent price of about $31,198,397 at the time of writing.
However, Even after the Bukele’s announcement, bitcoin continues its downward movement to around $44,700.
After El Salvador made the first step to adopt bitcoin as a legal tender in the country. It consequential places pressure on other nations to get into the train too and early.
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Additionally, The popular whistleblower, Edward Snowden urged other nations to follow suit than lazy around and regret later.
So, Some interested second nations to publicly adopt Bitcoin and pursue Bitcoin mining are Laos and Ukraine.
The bitcoin space continues to gain massive adoption ranging from government, institutional and individual adoptions. Conclusively, No country would like to be left behind from the global financial shift going on around.