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5 Dec 2021

Bukele Strengthen El Salvador's bet on Plummeting Bitcoin; Buys Another 150 coins

The Index Today

Nayib Bukele, El Salvador President said that the Central American country had acquired an additional 150 bitcoins after the digital currency's value dropped again, enlarging his bet on the cryptocurrency despite criticism.

Bitcoin is down about 30% from the year's high of $69,000 on Nov. 10. Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening.

Bukele wrote on Twitter, "El Salvador just bought the dip! 150 coins at an average USD price of $48, 670."

Until Nov. 26, El Salvador had 1,220 bitcoins.

Last September 2021, we can recall that El Salvador became the world's first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions.

The International Monetary Fund (IMF) actually said last Monday that El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency.


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