El Salvador Buys More BTC During the Dip, Now Holds 700 Coins

On the 20th of September, Salvador’s president took to Twitter to announce that his country had purchased more Bitcoin during the plunge. The value of Bitcoin has fallen to $45,000, prompting him to advise his government to buy more coins, and now they hold 700 coins.

El Salvador Makes Bold Steps

On Tuesday this week, president Nayib Bukele took to his official Twitter account to announce that his country had invested in more BTC. In his post, he said that his government had added 150 new coins to their wallet. He also commented that if one buys the cryptos during a dip, they will always be unbeatable.

Bukele also said that approximately 1.6 M Salvadorians are already using the government-backed Chivo wallet. He added that the wallet is 100% functional. Due to the continuous update of Chivo’s website, some people were experiencing technical issues.

It is not the first time that the country has capitalized on BTC during a dip. The government first bought 400 BTC in June before making it their new legal tender. By purchasing the dip twice in the last two weeks, El Salvador now holds 700 BTC while no other country can brag on crypto adoption.

Related: Fast Food Pioneers McDonald’s and Pizza Hut to Accept BTC Payments in El Salvador

Reactions By El Salvador’s Government

El Salvador has taken very bold steps recently towards becoming a crypto powerhouse. It is the first country to adopt cryptos fully by accepting BTC as its legal tender. This act has sent a wave of reactions among governments of the world and their subjects. Could Salvador see a vision that other countries are blind to, or could it be heading in a path of destruction?

Related: Does The US Government Own More Bitcoins Than Any Other BTC Holder?

About 70% of Salvador’s citizens are yet to register in the new Chivo wallet. They are all doubtful about how much the country should trust Bitcoin. Numerous strikes and the burning down of Bitcoin ATMs over the last month show that people are reluctant to cryptos there. To fuel the fire, the regional human rights organization in Salvador, Cristosal, has filed a complaint to the court of Account over the legalization of BTC.

The international monetary fund has also warned countries against adopting cryptos. That is another major blow to Salvador and its ‘pet project’ since defying the IMF will incur some consequences.

Ultimately, Salvador has paved the way for other countries to follow their suit and adopt cryptos. Some countries like Ukraine and Cuba have started showing interest in crypto adoption. However, whether Salvadorians will accept Bitcoin adoption remains a mystery.