President Nayib Bukele is often seen to praise ‘Buy the Dip’ and again proved it practically while doing the same, again.
Central American country, El Salvador has purchased 80 bitcoin, given the recent dip in bitcoin price. An announcement came from President Nayib Bukele stating that bitcoin was bought this friday, at average price of $19,000. As it’s quite apparent that this move would have received different reactions from crypto space, that includes both praising the move of El Salvador buying bitcoin while there are others criticizing the same.
Founder of ShapeShift and well known crypto experts in the space, Erik Voorhees is among those who did not find this move as something appreciable. Voorhees went on to Twitter on Friday and criticized El Salvador for its decision of bitcoin adoption and making it a legal tender along with those who celebrated the move. Talking about El Salvador, he said that he finds it disgusting when the bitcoin community celebrates the move of any national government buying a crypto asset like bitcoin. Voorhees thinks that El Salvador has bought bitcoin from the money after stolen taxes and hence found it unethical and gross.
The Twitter post of Voorhees came following after the announcement of El Salvador President Nayib Bukele confirming that the country had bought another 80 bitcoin given the bitcoin prices were cheap and the buying cost them about $19,000 per BTC. With the recent addition of bitcoin in its reserve, now the Central American country has about 2,381 bitcoins in its reserve.
In September, 2021, El Salvador went on to make bitcoin as legal tender inside the country and started accumulating it since then. This led the country to spend about more than $100 million worth of bitcoin. However, given the current market crash turned bitcoin price losing lots from its value, as a result the value of El Savaldor’s bitcoin reserve is now less than half of its buying figure.
For a while now, El Salvador has increased its interest in bitcoin and its leniency towards the top crypto asset is quite visible to everyone. This notion came out following the bitcoin community members forming close ties with President Nayib Bukele to lead the country in its bitcoin adoption.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.