cryptocurrency

Bukele says El Salvador 'bought the dip' and purchased 100 extra bitcoins – Reuters

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SAN SALVADOR, Nov 26 (Reuters) – El Salvador President Nayib Bukele on Friday said his country had bought an additional 100 bitcoins after the digital currency declined in value, building on the country’s cryptocurrency stake despite vast criticism about the government’s strategy.

Bitcoin, the world’s largest digital currency, on Friday fell as much as 7.8% to $54,377, its lowest since Oct. 12. It was on track for its biggest one-day drop since Sept. 20 and is now down more than 20% since touching a record high of $69,000 earlier this month.

“El Salvador just bought the dip. 100 extra coins acquired with a discount. #Bitcoin,” Bukele tweeted on Friday.

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As of Oct. 28, the country had bought 1,120 bitcoins.

In September El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions. read more

Bukele has championed the adoption of bitcoin, arguing it will help millions of Salvadorans living abroad send remittances back home. He has also said it will bring financial inclusion, investment, tourism, and development.

But the International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency.

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Reporting by Nelson Renteria
Writing by Drazen Jorgic
Editing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.

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