El Salvador uses the fall to restock with a purchase of 420 bitcoins (BTC)

El Salvador buys bitcoin again

The recent drop in BTC below $ 60,000 did not particularly scare the country’s government, which has made the asset legal tender since September. President Nayib Bukele indeed confirmed yesterday that the fall had allowed El Salvador to restock on bitcoins:

It was a long wait, but worth it.

We just bought the dip!

420 new # BitcoinπŸ‡ΈπŸ‡»

– Nayib Bukele πŸ‡ΈπŸ‡» (@nayibbukele) October 27, 2021

The government of El Salvador bought 420 bitcoins. At the time Bukele’s announcement was made, one BTC was trading for around $ 59,000, so that was $ 24.7 million. This is the biggest bitcoin purchase by El Salvador to date.

πŸ‘‰ Also read – Bitcoin (BTC): Salvadorians deposit more money than they withdraw on the Chivo Wallet

Successive bitcoin purchases in El Salvador

The country’s government regularly makes headlines showing its commitment to Bitcoin. The last time the BTC price plunged, El Salvador acquired 150 bitcoins.

Since the implementation of the “Bitcoin law”, the government has announced a series of incentives to democratize the use of cryptocurrency.

Earlier this month, we learned that locals could now enjoy a price reduction if they paid for their fuel in BTC. In addition, workers can now receive their wages in cryptocurrency.

πŸ‘‰ On the same subject – El Salvador will no longer freeze the price of Bitcoin (BTC) in the Chivo Wallet to fight against speculation

Bitcoin price struggles to rise above $ 60,000

Although it hit its highest level a week ago, Bitcoin’s price has been faltering since. Twice passed below $ 60,000, he has trouble staying above this psychological threshold. Over the last two days, he lost nearly -9%:

Bitcoin BTC price

Bitcoin (BTC) drops back below $ 60,000 – Source: TradingView, BTC / USDT

The question then is whether this is a temporary pullback for BTC, or whether it will manage to regain last week’s levels.

πŸ‘‰ To go further – Bitcoin (BTC): The bullish and bearish camps have no shortage of arguments

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About the author: Marine Debelloir


Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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