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Bukele steps up El Salvador’s bet on sliding bitcoin; buys another 150 coins -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. El Salvador’s President Nayib Bakele addresses the crowd during the ceremony to lay Chivo Vet’s first stone. This veterinary hospital was funded with El Salvador’s bitcoin profits in Antiguo Cuscatlan (El Salvador), November 1

SAN SALVADOR, (Reuters) – President Nayib Bukele of El Salvador said that the Central American nation had purchased 150 more bitcoins following the decline in digital currency value. This was a reaffirmation of his faith in the cryptocurrency despite critics.

The most popular and well-known cryptocurrency in the world,, is now down 30% from Nov. 10, when it was at $69,000. Bukele claimed last week that El Salvador has acquired 100 more coins in order to benefit from the weakening currency.

Bukele made the announcement late on Friday that the government was entering the market again.

El Salvador bought the dip. Bukele posted the following tweet (NYSE:): 150 coins for an average USD cost of $48670

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

El Salvador was the first country to accept bitcoin legal tender in September. This move attracted international media attention, but also drew criticism from foreign financial institutions.

On Monday, the International Monetary Fund (IMF), stated that El Salvador shouldn’t use Bitcoin as legal tender because of potential risks associated with cryptocurrency.

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