Bukel has stepped up its commitment to slipping bitcoin into El Salvador; Reuters buys another 150 coins
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SAN SALBADOR (Reuters) – El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the decline in the value of digital currency, increasing its commitment to cryptocurrency, despite criticism.
, the world’s largest and most popular cryptocurrency, fell about 30 percent from $ 69,000 a year on Nov. 10. Bukel said last week that El Salvador had acquired an additional 100 coins to take advantage of the weakening currency.
On Friday night, Bukel announced that the government was re-entering the market.
“El Salvador has just bought a dip! 150 coins ~ at an average price of $ 48,670,” Bukel wrote on Twitter (NYSE :).
As of November 26, El Salvador had 1,220 bitcoins.
In September, El Salvador became the first nation in the world to accept bitcoin as a legal value, a move that garnered worldwide media attention, but also attracted criticism from the opposition and foreign financial institutions.
The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as a legal tender, given the risks associated with cryptocurrency.
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