El Salvador exploits the bear market by buying bitcoin (BTC)

El Salvador exploits the bear market by buying bitcoin (BTC)

As bitcoin (BTC) holders are currently liquidating their assets freely, investors are taking the opportunity to varnish their cryptocurrency liquidity. El Salvador President Nayib Bukele revealed that the country received 80 BTC for a $ 19,000 unit price.

Bitcoin falls, El Salvador continues

Bitcoin has certainly won the heart of the president of Salvadoran. In a tweet published by Nayib Bukele yesterday, we learn that El Salvador has received an additional 80 BTC. In fact, the country placed a series of purchase orders to get it after the sharp fall in the price, which fell from 21,000 to 19,000 dollars in a few hours.

“Bitcoin is the future! Thanks for selling at a low price! »can we read Bukele’s tweet, which hides a hint of bitterness.

According to a statement made by the president of Salvadoran on social networks, El Salvador would hold about 2,381 bitcoins to date. However, this figure has not been officially disclosed by the country’s authorities.

Also, since bitcoin was recognized as a legal tender in El Salvador, the tourism sector has exploded. In fact, the country has become a destination for cryptocurrency enthusiasts curious to see how BTC is used for everyday purchases in the region. In addition, many crypto and entrepreneurial events see it as a good place to deploy quickly without addressing too many regulatory constraints.

According to some experts, the development of tourism alone may be enough to support the country’s cryptocurrency treasury. In addition, with the jobs and taxes generated by the start – ups that set up there, El Salvador has everything to do with it.

The best time to invest

BTC has been declining for over half a year now. As a result, it could regain its upward momentum very soon. As a reminder, bitcoin usually follows volatility cycles in which it usually attracts altcoins.

In the last few months, the cryptocurrency pioneer has undergone a correction of more than 70%. With such a big drop, the bear market it is an advantage for investors.

According to current CoinMarketCap data, bitcoin is trading around $ 19,500. It also has a market capitalization of approximately $ 371 billion.

Multiple acquisitions of bitcoins by El Salvador consolidate the idea that the country, or at least its leaders, pay close attention to this asset. However, this interest was already evident when BTC became a legal tender within this nation. Moreover, Nayib Bukele seems to have a true long – term vision of what cryptocurrencies contribute to their people.

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Junie MAFFOCK avatar


I came across a blockchain out of curiosity and stayed with it out of passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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