El Salvador has added 100 BTC coins to its holding, taking its share of BTC to 1,220, which is around $66.3M as the crypto asset has dropped to a little above $54,000. The current investment by Nayib Bukele, the president of El Salvador adds another $5M of investment into Bitcoin.
The president had tweeted that he had made a purchase of 100 Bitcoin (BTC) responding to a sale in the global market as a new strain of the COVID-19 virus was discovered in South Africa and other African nations. CoinTelegraph Markets data has revealed that after touching a record high of over $69,000 plus on November 10.
Since then Bitcoin prices have fallen steeply by over 20% and reached $54,343. That is a drop of 8% in 24 hours.
President Bukele had first announced that El Salvador would go in for a major purchase of BTC before the bitcoin law becomes effective on September 7. He had then initiated the purchase of 200 BTC, with then at $52,000 then.
The President had tweeted every time the tiny nation had acquired bitcoins during a dip in prices. The adding of roughly 1000 coins on November 26 has taken its current holding to around $66.
El Salvador Pushing For Bitcoin Of Its Own
The El Salvador President first announced legislation aimed at turning Bitcoin into an accepted legal tender. He has proposed numerous initiatives centered around mining and adoption. The El Salvador government has also started constructing infrastructure to back Chivo, its Bitcoin wallet.
El Salvador plans to promote a Bitcoin City of its own that will initially be funded by Bitcoin bonds of around $1B.
Many citizens of the nation have protested against crypto initiatives. The Popular Resistance and the Rebellion Block. They were joined by veterans, retired people, workers, and disability pensioners.