El Salvador President Buys the Dip, Adds 410 Bitcoins to Treasury

El Salvador, a central American country that legalized Bitcoin last year has been increasing the number of Bitcoins in their treasury. El Salvador bought a new batch of tokens worth 410 for $15 million, or roughly Rs. 110 crore). This development follows a plunge in Bitcoin prices to $35,000 (roughly Rs. 25 lakh) starting at $42,270 (roughly R. In recent days, 30 lakh). More details regarding the purchase of the dip were provided by President Nayib Bukele via Twitter.

The Salvadoran President, 40 years old, tweeted his message to his 3.4million followers: “Some guys are selling really low,”

It wasn’t my fault, it was there.

El Salvador just purchased 410 #bitcoin at a price of only 15 million dollars:partying_face

Some guys are selling really cheap :man-shrugging::skin-tone-2: https://t.co/vEUEzp5UdU

– Nayib Bukele :flag-sv: (@nayibbukele) January 21, 2022

It is possible that the country may have more than 1,500 bitcoins in reserve. This amount could be greater than $50 million, or roughly Rs. Value: 375 crore

Bitcoin currently trades at $33,645 (roughly Rs. 25 lakh according to CoinMarketCap.

It is widely believed that the primary reason for the crash of the crypto market last week was the proposal by Russia’s central banking to ban cryptocurrency activities.

The price charts are currently drenched with red, which indicates losses for most cryptocurrencies.

Bukele seems to be unaffected from Bitcoin’s volatility, and he will continue to support Bitcoin in the future.

Bukele has taken initiatives to expand crypto acceptance and use cases in his country, from establishing Bitcoin ATMs to creating an Chivo government-backed Bitcoin wallet for Salvadorans.

In other parts of the globe, however, discussions continue about regulating crypto.

India, Russia were among the countries that central authorities have recently approved proposals to ban crypto activity.

Bitcoin and other cryptocurrencies lost significant value due to negative sentiments from many governments.

According to CoinMarketCap , Bitcoin has a current market capital of $665 billion. This is roughly Rs. 50,56,000 crore is down from nearly $1.3 trillion (roughly Rs. 1,00,00,000.00 crore) in November 2021.

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