President of El Salvador buys the dip and adds 150 bitcoins for roughly $6.8 million
President Nayib Bukele of El Salvador’s announced last week that his country had purchased another 150 bitcoins for roughly $6.8 million.
- President of El Salvador announced on Twitter the country is purchasing more Bitcoin during this dip
- Despite the fact that Bukele’s aim of making Bitcoin a legal currency in the country is still in progress, it has encountered several challenges.
- El Salvador’s Court of Accounts has announced that it will examine how the government spends its Bitcoin funds.
The President announced the purchase via Twitter, stating “We just bought the dip.”.
Bukele said “They can never beat you if you buy the dips,” then adding this was now “Presidential advice”.
Despite the fact that Bukele’s goal of making Bitcoin legal currency in the country is still under way, it has encountered a number of difficulties.
We just bought the dip.— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
150 new coins!
El Salvador now holds 700 coins.#Bitcoin🇸🇻
Bitcoin’s value declined to $45,135 on the Bitstamp exchange yesterday, falling an additional 7% today.
After the most recent purchase, El Salvador now has 700 coins in its reserves. On Sept. 7, 2018, the country legalized Bitcoin as legal currency
The government established a $150 million fund to finance the required infrastructure in order to make Bitcoin legal currency. After that, the government went into overdrive to set up the “Chivo” wallet and associated cryptocurrency ATMs. There are currently more than 200 ATMs in the country.
El Salvador now has the third-largest number of bitcoin ATMs in the world, according to Coin ATM Radar. In terms of geographic concentration, the US and Canada now have more than any other country. El Salvador’s bitcoin ATMs account for 0.7%.
El Salvador’s Bitcoin experiment, which has given a major boost to cryptocurrency adoption, has caused a lot of debate. Dissatisfied protestors recently burned a Chivo ATM in San Salvador.
As the government continues to roll out this plan, El Salvador’s Court of Accounts has announced that it will examine how the government spends its Bitcoin funds. The inquiry will also focus on the construction of cryptocurrency ATMs’ kiosks. The court’s investigation was prompted by a complaint filed with Cristosa, a regional human rights and transparency organization, on September 10.
“Having admitted the complaint, it will be proceeded to carry out the legal analysis report and, in a timely manner, forward such report to the General Audit Coordination,” the Court of Accounts said in an official document.
The Court of Accounts is in charge of the country’s public funds and has the power to discipline officials who can’t resolve problems. The government’s embrace of Bitcoin is opposed by most Salvadorans, with some citing corruption as a major worry and others claiming they don’t grasp cryptocurrencies.
President Bukele of El Salvador did not appear concerned about the recent price drop, and he is long-term bullish on Bitcoin.