El Salavdor Buys The Dip
El Salvador’s President, Nayib Bukele, has announced that the country has bought some 410 BTC at a total of $15 million. The purchase at that rate puts the transaction at approximately $36,584 /BTC.
The Latin American country has now added 410 BTC to its national reserve as the digital coin price trades under $37,000. Such a price was last seen in the bitcoin market in July 2021. The new addition to El Salvador’s central reserve was made known by President Nayib Bukele via his Twitter page, @nayibbukele.
El Salvador adopted bitcoin as a legal tender in September 2021 as a solution to overcome high inflation rates that plagued the country’s economy amidst the country’s weakened spending power. But as of now, El Salvador has strategically amassed up to 1,801 bitcoins in the course of the last four months, particularly now that the market is seeing momentary price cuts.
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El Salvador’s recent purchase is presently the least priced acquisition the country has made since adopting BTC as a legal tender.
As bitcoin trades just a bit over the $36,000 mark and the corresponding sell-off from some holders, President Bukele believes that some people are selling their bitcoin assets really cheaply. This will support his long-term vision of adopting bitcoin into the mainstream of the economy.
As data from TradingView and CoinTelegraph pointed out, bitcoin had a consistent price increase from the middle of July 2021, which led to an all-time high of nearly $69,000 in the first week of November. Nevertheless, the following three months witnessed a sharp decline in market prices when investors put their bitcoin profits up to buy other cryptocurrencies.
A recent survey from Crypto.com has predicted and revealed that the crypto market worldwide is expected to host up to one billion new users by the end of 2022 as more developing countries are trying to follow in El Salvador’s steps to mainstream BTC adoption.
According to Cointelegraph’s report, Crypto.com gave an estimate that if a similar degree of increase can be deduced in 2022, then the world is on track to see up to one billion new crypto users by the end of 2022. The report rounded up by saying that a concerted effort of developing countries following El Salvador’s steps and a more liberal stance towards the cryptocurrency industry would mean that countries can no longer comfortably overlook the growing global push towards cryptocurrencies by everyone.
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