Bitcoin Shopping Spree
In a bold move reminiscent of the catchphrase rap scene, El Salvador’s president Nayib Bukele just bought the dip again by dropping over $5 million into Bitcoin. After the price dipped below $54,000, thanks to a global market sell-off triggered by fears of a new COVID-19 variant, Bukele put his money where his mouth is—or, in this case, his tweets!
Bitcoin Price Plunge
If you blinked, you might have missed it: Bitcoin soared to an all-time high of $69,000 on November 10, then abruptly took a tumble, shedding over 20% of its value. By Friday, it was standing at a humble $54,343—cue the dramatic music! Bukele, however, saw this as the perfect opportunity to snag a hundred extra coins at a discount. Who doesn’t love a good bargain?
Nayib’s Tweeting Triumphs
One thing is for sure: Bukele isn’t shy about sharing his Bitcoin escapades on social media. After purchasing the coins, he tweeted, “100 extra coins acquired with a discount #Bitcoin”. The man has a knack for marketing, doesn’t he? With this latest acquisition, El Salvador’s total BTC hoard swelled to 1,120 coins, valued at roughly $66.3 million—because why not aim for the Bitcoin jackpot?
Building a Bitcoin Future
Bukele first made waves back in June when he unveiled plans to adopt Bitcoin as legal tender. He’s not just talking the talk; he’s also building Bitcoin-centric initiatives like the state-issued wallet, Chivo, and even planning to erect a ‘Bitcoin City’ at the base of a volcano (yes, you heard that right!). Funding for this ambitious project is expected to come from $1 billion in Bitcoin bonds. Apparently, if you’re going to go big or go home, why not go volcanic?
Pushing Back Against Crypto Initiatives
But not everyone is cheering for this crypto crusade. Many Salvadorans have shown resistance toward Bukele’s shiny Bitcoin plans. September saw protests erupting in the capital where frustrated citizens even vandalized Chivo kiosks sporting anti-BTC slogans. Groups like the Popular Resistance and Rebellion Block, made up of retirees and other workers, are vocalizing their disdain for the Bitcoin Law. In response, Bukele seems unfazed, channeling his inner The Rock and continuing to hustle for Bitcoin—this is a drama for the ages!
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