El Salvador increases its Bitcoin holdings to 700 as price drops to $45k

El Salvador president Nayib Bukele revealed the nation 'bought the dip' and purchased an additional 150 Bitcoin during the latest pullback

El Salvador president Nayib Bukele has revealed that the nation ‘bought the dip’ during the latest pullback and has purchased a further 150 Bitcoin.

The investment takes El Salvador’s Bitcoin holdings to 700 BTC ($32m) and follows its most recent purchase on ‘Bitcoin Day‘ – September 7 – when an additional 150 BTC was added to its treasury.

“They can never beat you if you buy the dips,” said Bukele, before labelling his comments as ‘Presidential advice‘.

The words may be targeted at international regulators and authorities such as the IMF which has criticised El Salvador’s adoption of the leading cryptocurrency and noted the country’s adoption of Bitcoin could have “immediate negative implications” on its credit rating.

Despite the rocky start faced by El Salvador in its adoption of Bitcoin as legal tender, more and more El Salvadorian citizens are now starting to use the native Chivo wallet to use Bitcoin. Bukele revealed that more than 1.1m citizens are now using the wallet.

Crypto-based ATMs are also becoming more prominent in El Salvador, with an estimated 205 ATMs now in use.

However, not all citizens have embraced the move.

During a protest against Bukele, mobs burned down a Bitcoin ATM in an effort to object against the acceptance of Bitcoin as legal tender in El Salvador.

The surge of adoption and global awareness has also prompted the wider Bitcoin community to continue its push for Bitcoin dominance. Notorious Bitcoin bull Michael Saylor recently announced MicroStrategy purchased a further 5,050 Bitcoins for $242.m, taking its holdings to an incredible 114,042 BTC ($3.16b).

Bitcoin founder Satoshi Nakamoto has also been honoured with a statue in Hungary that features a golden bust of the pseudonymous creator.

The price of Bitcoin fell below $45k in the early hours of Monday morning during an extended sell-off.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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