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0.02%Reading
Nayib Bukele, the president of El Salvador, revealed that the Latin American country has purchased 150 more Bitcoin while prices were declining on Monday morning.
According to data from CoinGecko, the leading cryptocurrency plummeted by 6.9% over the last 24 hours, changing hands around $45,000 by press time.
Other top cryptocurrencies, including Cardano (ADA), XRP, Solana (SOL), and Polkadot (DOT), all shed double-digits over the day, while Ethereum, the second-largest cryptocurrency by market cap, is down 9.2%, currently trading at $3,137.
“They can never beat you if you buy the dips,” Bukele tweeted, adding that this can well be considered “presidential advice.”
With the latest purchase, El Salvador now holds 700 Bitcoin worth about $31 million.
They can never beat you if you buy the dips.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
Bukele’s government purchased its first 400 Bitcoin on September 6, the day before El Salvador became the first country in the world to formally recognize cryptocurrency as legal tender.
Bitcoin was trading just below $53,000 at the time, but plummeted by more than 10% the next day following the launch of El Salvador’s official Chivo Wallet, with technical issues marring the start of the country’s crypto experiment.
El Salvador was quick to grab the opportunity, though, with a purchase of 150 more Bitcoin that same day, increasing the country’s crypto reserves to a total of 550 BTC.
It appears the discount is ending 🥲
Thanks for the dip @IMFNews. We saved a million in printed paper.
El Salvador now holds 550 bitcoin.#BitcoinDay #BTC 🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 7, 2021
As El Salvador’s Bitcoin buying spree continues, the country’s government is reportedly facing an investigation into its Bitcoin purchases and installation of crypto ATMs.
According to a Reuters report last week, El Salvador’s Court of Accounts—the body that oversees the country’s public spending—received a complaint from Cristosal, a human rights and transparency group, in which it expressed concerns over the government’s financing of Bitcoin purchases.
El Salvador’s Court of Accounts will investigate a complaint about the government’s purchase of Bitcoin, as well as the government’s process for building crypto ATMs, per Reuters. According to Reuters, the Court of Accounts—which oversees the country’s public spending—said it received a complaint on September 10 from a human rights and transparency group in El Salvador called Cristosal. “Having admitted the complaint, it will be proceeded to carry out the legal analysis report and, in a timely...
Citizens have also been critical of the government’s crypto experiment.
Last week, on the country’s independence day, more protests escalated in El Salvador, with people taking to the streets with “We don’t want Bitcoin” and “No to dictatorship” banners and even burning down a Bitcoin ATM in San Salvador, the country’s capital.
Strive Asset Management is still pushing GameStop to buy as much Bitcoin as it can, and as quickly as possible. But there is ongoing debate within the company about how much Bitcoin GameStop is willing to buy, Strive CEO Matt Cole told Decrypt on Thursday. “You should expect that they're going to buy some Bitcoin,” Cole said. “But I don’t think it’s decided how much they will go in that direction.” The video game retailer announced a month ago that it could start purchasing Bitcoin as a treasury...
Multiple victims have been attacked by what appears to be a North Korean campaign that targets cryptocurrency developers using fake U.S. companies. According to a Reuters report, two fake companies, Blocknovas LLC and Softglide LLC, were created by North Korean cyber spies to infect developers in the crypto industry with malicious software. 🚨 NEW THREAT REPORT: Contagious Interview (DPRK) Launches a New Campaign Creating Three Front Companies to Deliver a Trio of Malware: BeaverTail, Invisible...
Investment firm RockawayX has successfully secured $125 million for a new early-stage venture capital fund, intended to support crypto-focused communities, particularly those centered around Solana. The investment firm plans to direct its newly raised funds toward discovering and financing projects that enhance the growth of the Solana ecosystem, recognized as the second-largest Layer 1 by total value locked, according to a statement by RockawayX. “Rather than investing in more L1s, we focused...
