El Salvador Buys the Dip With 150 New Bitcoin

Jafrin  |  Sep 20, 2021

With Bitcoin taking a plunge of over 5% yesterday, leading to hundreds of millions of liquidations, El Salvador President Nayib Bukele took to his social media to announce that he has purchased another 150 new coins that are worth roughly around $6.8 million at the time of writing.

El Salvador Buys the Bitcoin Dip Again

El Salvador buys the Bitcoin dip yet again with an additional 150 new coin purchases worth $6.8 million. The country now holds a total of 700 BTC which they started buying this month after Bitcoin was formally accepted as a legal tender.

Bukele also advised his followers to make the best use of the volatile price swings by buying more of the leading cryptocurrency.

A single Bitcoin at the time of writing cost $44,837 with the cryptocurrency falling 5% in the last 24 hours. This means El Salvador now holds $32.05 million worth of BTC.

With BTC trading at $45,705 at the time of writing trying to recover from its daily low and has maintained its position above $45,000 which is considered strong on-chain support despite the dip.

El Salvador Ranks Third in Global Bitcoin ATM Network

El Salvador is now the third-largest network of Bitcoin ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.

According to data from Coin ATM Radar, El Salvador has exceeded U.K. after deploying 205 crypto ATMs to facilitate local Bitcoin transactions and BTC to U.S. dollar conversions.

Data from Statista from August 16 suggests that El Salvador has successfully installed 201 ATMs in just one month. Prior to that, the country ranked 43rd with only four functional crypto ATMs.

President Nayib Bukele had previously announced that Bitcoin’s adoption would be initially supported by a network of 200 ATMs and 50 branches. For this, the government has partnered with cryptocurrency wallet provider Chivo to power the BTC wallets and ATM usage in the country.

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