Many cryptocurrencies began falling in value late Friday night, with bitcoin falling about 14 percent from little above $52K at 11:42 p.m. EDT to below $45K at 12:28 a.m. EDT, according to statistics from Bitcoin.com Markets. The price of BTC is now hovering at $48,040 at the time of writing. El Salvador Purchases the Dip: 150 Bitcoins Are Added to the Treasury.
Taking advantage of bitcoin’s plummeting price, El Salvador’s president, Nayib Bukele, tweeted about his country’s latest BTC purchase at 12:19 a.m. “El Salvador just purchased the dip!” 150 coins worth an average of $48,670 in USD.” A few minutes later, he tweeted again, “Missed the f***ing bottom by 7 minutes.”
On Friday night, the price of Bitcoin was charted. Bitcoin.com Markets is the source.
El Salvador has taken advantage of multiple price drops in bitcoin. On November 26, Bukele disclosed that his country purchased 100 additional BTC when the cryptocurrency’s price fell following rumours of a new Covid-19 variation, now known as omicron.
In September, El Salvador made bitcoin legal tender alongside the US dollar. El Salvador has purchased a total of 1,370 BTC since then.
The International Monetary Fund (IMF) cautioned the Philippines last week not to use bitcoin as official cash. Andrew Bailey, the governor of the Bank of England, has also expressed concern about El Salvador adopting bitcoin as a national currency. “I’m genuinely concerned about the Bank of England producing money out of thin air,” Bukele said in response to the head of the British central bank.