Bank of England Governor Worried About Bitcoin Being Legal Tender in El Salvador

Bank of England Governor Worried About Bitcoin Being Legal Tender in El SalvadorThe governor of the Bank of England, the country’s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin’s use as legal tender, the governor said: “What would worry me most of all is, do the citizens of El […]
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Bitcoin Adoption: El Salvador’s Ambassador To The US Says America Is Only Concerned About Losing Its Power

Bitcoin Adoption: El Salvador’s Ambassador To The US Says America Is Only Concerned About Losing Its Power

El Salvador’s ambassador to the US has stated that America and international organizations are not happy with the country’s decision to adopt Bitcoin as legal tender. The ambassador highlighted the successes of the Bitcoin operation and remains bullish for the future. The country has unveiled plans to build a Bitcoin city and launch a $1 […]

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El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare

El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant ScareAs reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220. El Salvador Buys the Dip: 1,220 Bitcoins […]
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El Salvador celebrates Black Friday, buys 100 BTC for 20% off

With the addition of the 100 coins today, El Salvador holds 1,220 BTC, worth roughly $66.3 million following the crypto asset’s drop to the $54,000s.

Salvadoran President Nayib Bukele bought the dip again, investing more than $5 million into Bitcoin as the price dropped under $54,000 Friday.

In a Friday tweet, El Salvador’s president said he had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. According to data from Cointelegraph Markets Pro, since reaching an all-time price of $69,000 on Nov. 10, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.

Bukele first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. He has tweeted each time that the government purchased coins during a price dip, with the country holding 1,120 BTC before the latest buy. With the addition of the 100 coins on Nov. 26, El Salvador holds BTC worth roughly $66.3 million at the time of publication.

BTC price dropped more than 8% following news of a new COVID-19 variant in South Africa. Source: TradingView

Since first announcing legislation aimed at making Bitcoin legal tender in El Salvador in June, Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds. 

Related: El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust

Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs. The country’s Popular Resistance and Rebellion Block as well as a group consisting of retirees, veterans, disability pensioners and other workers have also conducted demonstrations against the Bitcoin Law. 

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