El Salvador's President Bukele speaking at a Bitcoin promotion event.  President Nayb Bukele delivers a closing speech at the Latin Bitcoin Conference in Mijata, El Salvador, Central America.  El Salvador became the first country in the world to adopt the cryptocurrency Bitcoin as a fiat currency in September.  (Source = Yonhap News)
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El Salvador Buys 500 More After Bitcoin Crashes… ‘Average to buy at a low price of 37,744 dollars’

El Salvador’s President Bukele speaking at a Bitcoin promotion event. President Nayb Bukele delivers a closing speech at the Latin Bitcoin Conference in Mijata, El Salvador, Central America. El Salvador became the first country in the world to adopt the cryptocurrency Bitcoin as a fiat currency in September. (Source = Yonhap News)

Recently, as the cryptocurrency bitcoin plummeted every day, El Salvador, Central America, bought an additional 500 bitcoins. Bitcoin continued its recent downtrend, dropping more than 10% on the same day, and has fallen by half from its peak.

On the 9th (local time), El Salvador’s President Nayb Bukele tweeted that “El Salvador just bought bitcoin at a low price.”

El Salvador, Central America, which uses the US dollar as its common currency, adopted Bitcoin as a legal currency for the first time in the world in September last year. The Central African Republic is also the second country after El Salvador to designate a cryptocurrency as a common currency.

El Salvador has adopted Bitcoin as its legal currency because it can save money and time. In El Salvador, it is important to streamline the remittance process as money sent by immigrants working abroad, including the United States, plays a major role in the national economy.

In response, the El Salvador government gave Bitcoin the status of a legal currency and provided them with a ‘bonus’ Bitcoin worth 30 dollars (about 38,000 won) to those who download the Chibo app to encourage the use of Bitcoin, but it was not widely used. . While President Bukele announced his plans to issue bitcoin bonds and build a bitcoin city, he purchased bitcoin from the state treasury on several occasions.

Currently, the El Salvador government has not disclosed specific bitcoin trading and holding status. According to Bloomberg’s own tally, El Salvador has bought a total of 2,301 bitcoins since last year.

On the other hand, as the sell-off in the stock market is accelerating, reflecting the Fed’s continued austerity, Bitcoin is also showing a trend. In response, experts warned that “if Bitcoin falls below $30,000, it is very likely that it will fall below $10,000.” If the Bitcoin price decline continues like this, the investment loss in El Salvador is expected to be significant.

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