Nayib Bukele, President of El Salvador, purchased the Bitcoin (BTC) dip again and invested more than $5 million in Bitcoin, as the price fell below $54,000 on Friday.
El Salvador’s president tweeted Friday that he purchased 100 BTC after a global market selloff due to the discovery of a COVID-19 variant in South Africa. Data from Cointelegraph Markets Pro shows that Bitcoin has dropped more than 20% since November 10 when it reached an all-time high of $69,000 before falling to around $53,000. This is an 8% drop in 24 hours.
Bukele announced El Salvador would make a large BTC purchase just before the country’s Bitcoin Law went into effect on September 7. He bought 200 BTC at a price of $52,000. Each time he tweeted that the government had purchased coins in a price drop, the country now having 1,120 BTC. El Salvador now has BTC in the amount of $66.3 million after the addition of 100 coins on Nov 26
BTC prices fell more than 8% after South Africa’s announcement of a new COVID-19 version.
Bukele announced legislation in June that would make Bitcoin legal in El Salvador. Since then, he has suggested several initiatives related to adoption and mining in the country. The infrastructure for supporting Chivo, the state-issued Bitcoin wallet has been constructed by the government. Recently, plans were revealed to create a Bitcoin City at the foot of a volcano. Funded initially with $1 billion in Bitcoin bonds, the plan was to open its first Bitcoin City.
Some Salvadorans are against crypto initiatives, particularly Bukele and BTC. Residents marched through the capital and destroyed one of the Chivo kiosks, as well as defacing the remaining pieces with anti-BTC signs and logos. Popular Resistance and Rebellion Block, as well as other workers, retired veterans and disabled pensioners, have all protested against the Bitcoin Law.