El Salvador celebrates Black Friday and buys 100 BTC at 20% off

Salvadoran President Nayib Bukele redeemed the drop again, investing more than $ 5 million in Bitcoin as the price fell below $ 54,000 to...


Salvadoran President Nayib Bukele redeemed the drop again, investing more than $ 5 million in Bitcoin as the price fell below $ 54,000 today.

In a Friday tweet, the Salvadoran president noted he had bought 100 Bitcoin (BTC) following a massive sale in the global market in response to a new variant of COVID-19 discovered in South Africa. Based on data from Cointelegraph Markets Pro, since reaching a historic price of $ 69,000 on November 10, Bitcoin has fallen more than 20% to $ 54,343 at the time of publication, an 8% drop in less than 24 hours.

Bukele first announced El Salvador to make major BTC buy on the eve of the country’s Bitcoin law going into effect on September 7, buying 200 BTC when the price was around $ 52,000. He tweeted every time the government parts purchased during a price drop, the country holding 1120 BTC before the last purchase. With the addition of the 100 coins today, El Salvador holds BTC worth approximately $ 66.3 million at the time of publication.

The price of BTC has fallen by more than 8% following the news of a new variant of COVID-19 in South Africa. Source: TradingView

Since the first announcement of legislation to make Bitcoin legal tender in El Salvador in June, Bukele has proposed several initiatives in the country regarding adoption and mining. The government has started building the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin city at the base of a volcano, initially funded by $ 1 billion in Bitcoin bonds.

Related: El Salvador to Build 20 “Bitcoin Schools” with Bitcoin Trust Surpluses

Many Salvadorans pushed back against crypto initiatives, specifically protesting against Bukele and Bitcoin. In September, the inhabitants parade in the capital destroyed one of the Chivo kiosks and disfigured the remains with anti-BTC logos and signs. The country’s Popular Resistance and Rebellion Bloc as well as a group of retirees, veterans, disabled retirees and others workers also organized demonstrations against the Bitcoin law.