El Salvador buys the dip again and acquires 100 additional bitcoins

El Salvador's President Nayib Bukele announced that the country has purchased 100 BTC (worth about $ 5.4 million).

El Salvador's President Nayib Bukele said Friday that his country bought an additional 100 bitcoins after the digital currency dropped in value, adding to the country's cryptocurrency stake, despite the government's strategy being heavily criticized.

El Salvador declared Bitcoin legal tender in September and bought it in multiple batches, starting at 200 BTC on September 6. Weeks later, it bought another 150 BTC. Then on October 28th, it bought 420 BTC, citing cheap prices each time. Through further sporadic purchases, the total inventory increased to 1,120 BTC, which is currently worth over USD 66 million.

A few days ago, Bukele announced El Salvador's plans to build a "Bitcoin City" funded by a $ 1 billion "volcanic loan". Half of the funds will be used to buy Bitcoin, the other half will be invested in a Bitcoin mining infrastructure that harnesses the country's volcanic energy.

Two months after the start of the state-sponsored Bitcoin wallet in El Salvador, where the Salvadorans were given cryptocurrencies worth $ 30, many still don't know what to do with the technology.

When the Chivo wallet went live on September 7th, there were technical glitches because citizens could not download the app. And when they finally got it on their phones, there were reports that it wasn't working. More than two months later, it is still difficult to get the system going.

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