El Salvador rejects IMF call for Bitcoin ban
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El Salvador buys 100 Bitcoins as price dips below $54k

As the price of Bitcoin slips below $54k on Black Friday, El Salvador buys 100 more Bitcoins. It seems the market is giving us a 20% sale discount like last year when the price crashed to $16.4k. With this purchase, El Salvador has stacked 1,220 Bitcoins worth around $66 million in total. Considering, that they have made BTC legal tender and are planning to build a Bitcoin city, we can expect more such purchases in the future.

El Salvador buys the dip again!

Buying the dip is the best way to stack more tokens and El Salvador just did that. Even in the past, they have bought in multiple times at different levels. After their first purchase and legal tender announcement, when the price crashed we saw them buy the dip. Nayib Bukele is very proactive to grab opportunities like this one. And as soon as we saw the price crashing down, in a while we saw Nayib tweeting out about their latest purchase.

The Bitcoin country is advancing

El Salvador is doing their best to load up on Bitcoin, bring in more mining businesses and initiatives. Heck, they are even planning to build a Bitcoin city near the volcano. For the same, they are going to issue $1B worth of bonds, $500M of which will be spent on the city and the remaining on BTC purchases. The city is expected to have a BTC statue at the center and will be tax-free. To run it El Salvador plans to mine Bitcoin using the renewable energy resource of the volcano. They are also going to bring several small businesses like restaurants, malls, and residential buildings to the area. In fact, the tax-free city will be a major attraction.

El Salvador has also been able to put behind the major protests against making BTC legal tender in the country. After the incidents that happened in September, we didn’t really hear about anything else in the news.

What are your thoughts as El Salvador buys 100 Bitcoins in the recent dip? And do you think that the Bitcoin city they are building is going to be a revolution? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.

Also Read: Bitcoin touches 6-week low as price drops below $54k on black Friday