El Salvador Buys 80 More Bitcoin as Bitcoin Fell Below $19K

El Salvador Buys 80 More Bitcoin as Bitcoin Fell Below $19K.

El Salvador Buys 80 More Bitcoin as Bitcoin Fell Below $19K — President Insists ‘Bitcoin Is the Future.’

The president of El Salvador, Nayib Bukele, announced Thursday that his country had bought 80 more bitcoins. 

At the time of writing, BTC is trading at $20,323, which fell to a low of $18,784 shortly before Bukele announced the purchase. 

The Salvadoran president said El Salvador bought bitcoin at $19,000 each.

As the price of bitcoin continued to fall, the Salvadoran government heavily criticized its cryptocurrency investments. 

The country made BTC legal tender alongside the U.S. dollar in September last year, and since then, it has purchased 2,381 bitcoins.

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El Salvador Buys 80 More Bitcoin

Earlier this month, Bukele gave some advice to bitcoin investors. “Stop looking at the graph and enjoy life. 

If you invest in BTC, your investment is safe, and its value will immensely grow after the bear market. 

Patience is the key,” the president of the Central American country tweeted.

Furthermore, Finance Minister Alejandro Zelaya recently stated that El Salvador’s “fiscal risk” from bitcoin investment “is extremely minimal.”

Following the $50 billion collapses of the Terra and its tokens LUNA and UST, several crypto firms are financially running aground, including crypto hedge fund Three Arrows Capital, which reportedly entered liquidation on Wednesday. 

These liquidations have dampened sentiment across the space.

Down 58% since the start of 2022, some of bitcoin’s strongest critics have articulated its failure to fulfill the role advocates claim it serves, such as an inflation hedge or store of value.

More recently, Brent Donnelly, a global macro trader and president of Spectra Markets, suggested that the world’s largest cryptocurrency acts as a hedge against inflation and loose monetary and fiscal policy.

“Bitcoin is younger than either of my two sons. This is [bitcoin’s] first cycle that features institutional adoption, we should not be 100% sure that the next cycle should look the same as this one. 

Even the long-standing and well-known relationship between Fed policy and stocks is somewhat unstable,” Donnelly noted.


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