As the crypto market shed billions of dollars, El Salvador
bought the dip, taking advantage of the falling price of bitcoin early
Saturday morning. With the latest buy, El Salvador has purchased a total
of 1,370 bitcoins altogether. According to Salvadoran president Nayib
Bukele, the coins were bought seven minutes before the price of the
cryptocurrency bottomed out.
El Salvador Buys the Dip: 150 Bitcoins Added to Treasury
The price of many cryptocurrencies began plummeting late Friday
night, with bitcoin sliding almost 14% from slightly above $52K at 11:42
p.m. EDT to below $45K at 12:28 a.m. based on data from Bitcoin.com
Markets. At the time of writing, the price of BTC is hovering around $48,040.
Taking advantage of the falling price of bitcoin, El Salvador’s
president, Nayib Bukele, tweeted at 12:19 a.m. about his country’s
latest BTC
purchase. “El Salvador just bought the dip! 150 coins at an average USD
price of ~$48,670.” He followed up with another tweet a few minutes
later: “Missed the f***ing bottom by 7 minutes.”
El Salvador has taken advantage of bitcoin’s price dips several times. On Nov. 26, Bukele revealed that his country bought 100 more BTC as the price of the cryptocurrency dropped following reports of a new Covid-19 variant, now known as omicron.
Bitcoin was made legal tender in El Salvador alongside the U.S.
dollar in September. Since then, El Salvador has purchased 1,370 BTC altogether.
Last week, the International Monetary Fund (IMF) warned the country against using bitcoin as legal tender. The governor of the Bank of England, Andrew Bailey, similarly cautioned
that he is worried about El Salvador making bitcoin a national
currency. Bukele responded to the boss of the British central bank by
stating, “I’m really concerned about Bank of England printing money out
of thin air.”
source link : https://news.bitcoin.com/crypto-flash-crash-el-salvador-buy-the-dip-150-bitcoins-added-to-treasury/
