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El Salvador buys the dip with additional 500 coins

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El Salvador
El Salvador

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The cryptocurrency market has registered notable dips over the past few days. Over the past 24 hours, at least $1 billion has been liquidated from the market. However, El Salvador’s president, Nayib Bukele, does not seem deterred by the bears.

In a recent tweet, Bukele confirmed that El Salvador had purchased 500 Bitcoin at an average of $30,744 per coin. The new purchase was made on Monday.

El Salvador buys the Bitcoin dip

Bukele’s recent purchase is valued at around $15 million, and according to the president, the recent purchase was “buying the dip.” Bukele has previously admitted that he buys the country’s Bitcoin reserves from his phone.

Bitcoin has been on a significant dip over the past few weeks. The primary cryptocurrency made its sixth consecutive red weekly candle. This is the first time that the coin has created the pattern since 2014. The coin is currently over 50% below its all-time high of $69,000, created in November last year.

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During the past 24 hours, the value of Bitcoin dropped to below $29,000, but it has since bounced back, and at the time of writing, the coin was trading at $31,459. However, Bukele remains undeterred despite the dip, and he is still expanding El Salvador’s Bitcoin reserves.

Before this purchase, El Salvador last bought Bitcoin in January. At the time, the country bought 410 Bitcoin for $15 million. The recent purchase has brought El Salvador’s total Bitcoin holdings to around 2301 coins.

IMF warns over cryptocurrency usage

El Salvador continues with its plans for Bitcoin despite warnings by the International Monetary Fund (IMF). The IMF has called upon Bukele to rescind the country’s plans to adopt Bitcoin as legal tender. According to the IMF, Bitcoin’s price was very volatile, and it posed a danger to the country’s economic state. However, Bukele has dismissed any negative talk regarding the country’s Bitcoin plans.

The IMF also recently issued a similar warning to the Central African Republic (CAR). The institution said that the adoption of Bitcoin in the CAR also posed significant risks. The CAR recently adopted Bitcoin as legal tender to aid the country’s economy.

A recent report also stated that the IMF had issued a $45 billion loan to Argentina with a clause requiring the country to tone down its crypto services. The Central bank of Argentina recently prohibited banks in the country from offering Bitcoin services.

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