2 years ago
308 Despite many warnings from different global agencies about its adoption of Bitcoin as legal tender, El Salvador’s government seems relentless in its quest to seize market opportunities.
As the price of Bitcoin dropped below $46,000 on September 20, 2021 morning, Salvadoran President Nayib Bukele said on Twitter that the nation has “bought the dip.” With the acquisition of the 150 new coins, the Central American government now owns 700 BTC, which is worth nearly $31 million at the time of writing.
In a clear nod to the “not financial advice” disclaimers that are shown around the crypto ecosystem, President Bukele shared his “presidential advice” by reminding that:
“They can never beat you if you buy the dips.”
Presidential advice 
— Nayib Bukele (@nayibbukele) September 20, 2021
El Salvador did not miss the opportunity to acquire some BTC during the dip as the flagship crypto plunged to $45,000 after a bullish week. The country also bought another dip on the day that BTC became legal tender in the nation when BTC plummeted to below $43,000 on that occasion.
The country’s move toward adoption got the entire crypto universe excited, mostly with the possible tax exemption for BTC investors. Nonetheless, the government’s decision to adopt BTC as legal tender is not entirely free of issues and challenges.
Apart from the protests and marches against the government’s BTC adoption move, credit rating agency Standard and Poor’s Global insisted that the adoption of the cryptocurrency has immediate negative implications for the nation’s credit rating. S&P also alleged that the move might hurt El Salvador’s opportunities of securing a $1 billion loan agreement from the International Monetary Fund (IMF).
El Salvador made headlines by becoming the first nation to recognize BTC as legal tender on September 7. The government-owned 400 BTC then. By exploiting the two price dips in two weeks, acquiring 150 coins on each occasion, El Salvador increased its Bitcoin holdings to 700 BTC currently.
