The President of El Salvador, Nayib Bukele, invested more than $5 million in Bitcoin on Black Friday as the price of the cryptocurrency dropped under $54,000.
In a tweet on Friday, the President announced that he had bought 100 Bitcoin after the price dropped following the discovery of a new CoViD-19 variant in South Africa.
On the 10th of November, Cointelegraph Markets Pro released data showing the fall of Bitcoin by over 20%, reaching $54,343, dropping from its all-time high of $69,000.
El Salvador just bought the dip.
— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021
100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻
On the 6th of September, a day prior to El Salvador's Bitcoin Law going into effect, Bukele had announced that he would be making a purchase of 200 Bitcoin. The price of the cryptocurrency was at $52,000 at the time. Each time the government purchased Bitcoin when its price dropped, the President would make an announcement on Twitter. Prior to the latest purchase, the country owned a total of 1,120 Bitcoin. Currently, El Salvador holds coins of the cryptocurrency that are worth over $66 million.
Bukele, who has been a firm supporter of making Bitcoin the country's legal tender, has aimed to adopt initiatives that allow for adoption and mining methods in the country. To this end, construction of the relevant infrastructure supporting Chivo, a Bitcoin wallet, is launched by the government. Plans to launch a Bitcoin city which will be placed at the base of a volcano, have also been released. The initiative is estimated to cost $1 billion which will be funded in Bitcoin bonds.
El Salvador's citizens have objected to the newly introduced crypto adoption, and many have protested against Bukele. During a march that took place in September, one of the Chivo kiosks located in the capital was destroyed and its remains were marked with anti-Bitcoin signs.
[Based on reporting by: Coin Telegraph]
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