With the addition of the 100 coins today, El Salvador holds 1,220 BTC, worth approximately $66.3 million after the cryptocurrency asset dropped to $54,000.
Salvadoran President Nayib Bukele has bought into diving again, investing more than $5 million in Bitcoin as the price has dropped to less than $54,000 today, 26 November.
On a tweet, the president of El Salvador said he bought 100 Bitcoin after a global market sell-off in response to a new variant of COVID-19 discovered in South Africa. Nov. 10, Bitcoin has dropped more than 20% to hit $54,343 at time of publication, down 8.81% in less than 24 hours.
Bukele announced that El Salvador would make a major purchase of BTC on the eve of the country’s Bitcoin Law going into effect on September 7, buying 200 BTC when the price was approximately $52,000. He tweeted each time the government bought coins during a price drop, with the country holding 1,120 BTC before the last purchase. With the addition of the 100 coins on November 26, El Salvador holds BTC worth approximately $66.3 million at the time of publication.
Since the first announcement of legislation aimed at legalizing Bitcoin in El Salvador in June, Bukele has proposed several initiatives in the country around adoption and mining. The government has started building infrastructure to support the state-issued Bitcoin portfolio, Chivo, and recently unveiled plans to launch its own city of Bitcoin at the base of a volcano, initially funded by $1 billion in Bitcoin bonds.
Many Salvadorans have resisted crypto initiatives, specifically protesting Bukele and Bitcoin. In September, villagers marching through the capital destroyed one of Chivo’s kiosks and defaced the remains with anti-BTC logos and signs. The country’s Popular Resistance and Rebellion Bloc, as well as a group made up of retirees, veterans, disability pensioners and other workers, also held demonstrations against the Bitcoin Law.