Despite rollout hiccups, the president of El Salvador says the country has bought 150 more bitcoins

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The President of El Salvador, Nayib Bukele, whose country introduced Bitcoin as legal tender on September 9th, has advised citizens to “buy the dip”. In a series of tweets, he wrote that his government recently bought 150 new bitcoins and increased their total holdings to 700 coins. Bukele gave some “advice from the president” suggesting that bitcoins bought during a price crash were the best choice against inflation. A prolific social media user, 40-year-old Bukele is a staunch supporter of the largest cryptocurrency and made El Salvador the first in the world to make bitcoin legal tender alongside the US dollar.

After initial difficulties, the adoption of Bitcoin in the Central American country has stabilized relatively, but the government’s digital wallet, which is supposed to help citizens with transactions with Bitcoins – Chivo – has still encountered common problems. Although some people said they could use the cryptocurrency to pay for goods and services, there were protests against the radical move by those who do not trust virtual currencies.

We just bought the dip.

150 new coins!

El Salvador now holds 700 coins. # Bitcoin ?????????

– Nayib Bukele ????????? (@nayibbukele) September 20, 2021

With 700 bitcoins, El Salvador now holds over $ 32.5 million worth of crypto coins (approximately 239 billion rupees). Bukele’s tweets came at a time when the price of Bitcoin fell significantly after El Salvador accepted it. Shortly before launch, on September 7th, Bitcoin broke the $ 50,000 mark (about 36.83 lakhs). On Tuesday, the price of Bitcoin in India was 34.68 lakhs ($ 47,000).

His second tweet appeared to portray Bitcoin, now trading at a discount, as a safe bet against inflation.

They can never beat you if you buy the dips.

– Nayib Bukele ????????? (@nayibbukele) September 20, 2021

Bukele seemed to mock his critics who accused him of concentrating power. He said his proposals were “advice from the President”.

Earlier this month, President Bukele said that in El Salvador, a country of 6.6 million people, more than half a million people are using the Bitcoin wallet. He added that Chivo’s technical bugs have been mostly fixed and the wallet will be fully functional in days.

The government says the introduction of Bitcoin will give many people in El Salvador their first access to banking services.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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