El Salvador continues to exploit market opportunities despite warnings from international agencies about its adoption of Bitcoin (BTC).
The Bitcoin price dropped below $46,000 Monday morning. Salvadoran President Nayib Bukele, the Salvadoran President, announced via Twitter that his country had “bought” the dip. With 150 new coins, the Central American government now has 700 BTC worth nearly $32 million.
Bukele, in a clear nod to the disclaimers about “not financial advice” that are scattered around the crypto ecosystem, shared his “presidential advise” by reminding people that they can’t beat them if they buy the dips.
Advice from the President
— Nayib Bukele (@nayibbukele) September 20, 2021
Cointelegraph reported that El Salvador purchased another dip the day BTC was legalized in El Salvador. This occurred when Bitcoin crashed to $43,000 below its peak.
The move by El Salvador to adopt Bitcoin has excited the crypto world, particularly with the possibility of tax exemptions for Bitcoin investors. The government’s decision not to legalize Bitcoin is not without its problems.
Apart from the protests and marches against government’s Bitcoin move by citizens, Standard and Poor’s Global credit rating agency stated that the adoption had “immediate negative consequences” on the country’s credit rating. S&P claimed that the move would reduce El Salvador’s chances to obtain a $1 million loan agreement from International Monetary Fund.
Related: El Salvador’s Bitcoin Day: A one-off or many?
El Salvador was the first country to accept Bitcoin as legal currency on September 7. At that time, the government owned 400 BTC. El Salvador increased its Bitcoin holdings by purchasing 150 coins per week and taking advantage of two price drops in two weeks.