El Salvador buys bitcoin as prices are falling

Nayib Bukele, the president of El Salvador, revealed that the Latin American country bought another 150 Bitcoins as prices fell Monday morning.

According to data from CoinGecko, the leading cryptocurrency has plummeted 6,9% in the past 24 hours, changing hands at around $ 45.000 at press time.

Other major cryptocurrencies, including Cardano (ADA), XRP, Solana (SOL) and Polkadot (DOT) - here the quotation of the major cryptocurrencies in real time - all lost double digits over the course of the day, while Ethereum, the second largest cryptocurrency by market cap, is down 9,2%, currently trading at $ 3.137.

A good president's advice?

"They can never beat you if you buy in dip," Bukele tweeted, adding that this can be considered a "presidential council".

With the latest purchase, El Salvador now owns 700 Bitcoins worth around $ 31 million.

Bukele's government bought its first 400 Bitcoins on September 6, the day before El Salvador became the first country in the world to formally recognize cryptocurrency as legal tender.

At the time, bitcoin was trading just under $ 53.000, but plummeted by more than 10% the next day after the launch of El Salvador's official Chivo wallet, with technical glitches that ruined the start of the crypto experiment. country.

El Salvador quickly seized the opportunity, however, with the purchase of another 150 Bitcoins on the same day, boosting the country's cryptocurrency reserves to a total of 550 BTC.

Bukele under fire

As El Salvador's Bitcoin buying madness continues, the country's government is reportedly facing an investigation into its Bitcoin purchases and cryptocurrency ATM setup.

According to a Reuters report last week, El Salvador's Court of Auditors, the body that oversees the country's public spending, received a complaint from Cristosal, a human rights and transparency group, in which it expressed concern. for government funding of Bitcoin purchases.

Citizens have also been critical of the government's cryptographic experiment.

Last week, on the country's independence day, protests escalated in El Salvador, with people taking to the streets with "We don't want Bitcoin" and "No to dictatorship" banners and even burning a Bitcoin ATM in San Salvador, the capital. of the country.

And how do you think about it? Would it be possible one day to see Bitcoin legal tender all over the world? Let us know in the comments section below.