El Salvador acts on Bitcoin price dip and buys 150 BTC

Despite warnings from global financial & research agencies regarding its adoption of Bitcoin, El Salvador's government continues to seize market opportunities.

El Salvador acts on Bitcoin price dip and buys 150 BTC

Amid the Bitcoin price fall to $46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country has bought the dip. With 150 new coins, the Central American government now holds 700 BTC, worth close to $32 million at the time of writing.

In an obvious nod to the “not financial advice” disclaimers shown around the crypto ecosystem, Bukele posted as a sub-post to the tweet adding ‘presidential advice’ by reminding that ‘They can never beat you if you buy the dips.’

Earlier, El Salvador bought another dip on the day BTC became legal tender in the country, when Bitcoin experienced a flash crash to below $43,000. El Salvador’s move toward adoption got the crypto universe excited, especially with the possible tax exemption for Bitcoin investors

However, the government’s decision to adopt Bitcoin as legal tender is not totally free of problems. Alongside protests and marches against the government’s Bitcoin move, credit rating agency Standard and Poor's Global said that the adoption has immediate negative implications for the country’s credit rating. S&P also claimed the move would hurt El Salvador’s chances of securing a $1 billion loan agreement from the International Monetary Fund.

Read: Latest DeFi hack on BSC causes $12.7M in Bitcoin stolen from pNetwork

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