El Salvador’s Bitcoin fund buys 100 more BTC

El Salvador’s President Nayib Bukele said that the state Bitcoin fund used the dip in the price of the first cryptocurrency to buy another 100 BTC.

El Salvador just bought the dip.

100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻

— Nayib Bukele 🇸🇻 (@nayibbukele) November 26, 2021

With the new investment, the state fund’s balance stands at 1220 BTC (about $67.3 million at the rate at the time of writing).

“100 additional coins bought at a discount,” Bukele wrote.

On September 7, in El Salvador, the law recognizing bitcoin as legal tender came into force. At that time, authorities bought 550 BTC for the government fund to back the exchange between bitcoin and the dollar.

On September 20, El Salvador bought an additional 150 BTC, and on October 20 — another 420 BTC. Bukele promised to direct part of the profits from bitcoin operations to funding the construction of 20 modern schools.

In October, Vitalik Buterin criticised the legalization of the first cryptocurrency and described the process of forcibly integrating digital assets into the financial system as ‘contrary to the ideals of freedom’.

In November, Bank of England Governor Andrew Bailey reminded El Salvador of bitcoin’s volatility. In the same month the IMF again criticised the decision to recognise digital gold as an official monetary unit.

As of 26 November, bitcoin traded down to around $53,500. The drop over the last 24 hours was about 10%.

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