El Salvador cashed in on the decline in bitcoin, bought 150 more bitcoins


On December 4, Bitcoin fell to $42,000 (approximately Rs 31.6 lakh) per token, driving a selloff worth billions of dollars in cryptocurrencies. The President of the Central American country of El Salvador, Nayib Bukele, took advantage of the market situation and bought 150 bitcoins. At that time the price of this cryptocurrency was $ 48,670 (about Rs 37 lakh). This is the second time in the past two weeks that Bukele has bought a large amount of bitcoin at a discounted price. Revealing the development on Twitter, Bukele wrote that he missed the lowest level by just seven minutes.

On November 29, El Salvador added 100 more bitcoins to its treasury. At that time the price of bitcoin fell to $ 54,377 (approximately Rs 40 lakh), having touched a recent high of $ 68,327.99 (approximately Rs 50.5 lakh).

There are now about 1,500 bitcoins in the country after the cryptocurrency was legalized as the official currency of El Salvador in September 2021. According to CoinMarketCap the current rate of bitcoin is $48,000 (about Rs.36 lakh), and there are crypto tokens worth $72 million (about Rs.542 crore) in the Salvador treasury.

Bukele is accelerating efforts to drive bitcoin-related activities in the country to drive cryptocurrency adoption among its citizens. Last month, Salvador’s 40-year-old president revealed his plans to build a bitcoin city at the base of the Conchagua volcano, to mine bitcoin with renewable energy and tackle the carbon footprint that mining creates.

Recently the International Monetary Fund (IMF) warned El Salvador to stop using bitcoin as a legal tender because of its high volatility in price and risky for consumer protection, financial integrity and financial stability. Is.

Last week, Bank of England (BoE) Governor Andrew Bailey expressed concern over El Salvador legalizing bitcoin as a legal tender. He asked whether El Salvador was even aware of the risks that now posed to its financial system? However, in the midst of all this, El Salvador has bought another 150 bitcoins.

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