The price of Bitcoin fell below US$54,000 on “Black Friday”. El Salvador’s President Nayib Bukele implemented the “Buy on Bargain” principle and purchased 100 Bitcoins for more than US$5 million.
Bukele announced the matter on a tweet and said, “El Salvador just took advantage of the decline to buy. Get 100 extra coins at a discounted price.”
Bitcoin hit an all-time high of $69,000 on November 10, but it has fallen by 20% since then. Until the morning of Sunday (28th), Taipei time, the price is approximately US$54,660.
As far as the impact is concerned, the Crypto Fear and Greed Index came to the most feared period since late September on Saturday. Within a day, the index score was reduced by more than half from the previous 47 points to 21 points of “extreme fear” emotions. . It only rose slightly to 27 points on Sunday.
As of now, El Salvador holds 1,220 bitcoins. At a price of 54,000 US dollars, the value of bitcoins held by El Salva is approximately 66.3 million US dollars.
Buying Bitcoin on dips is Bukele’s consistent style, and he tweeted “Promoting political achievements” after buying.
El Salvador officially announced the use of Bitcoin as legal tender in June of this year, after which Bukele also announced a number of related adoption and mining policies. The government has begun to build infrastructure to support Chivo, the state-issued Bitcoin wallet, and recently announced a plan to establish a “Bitcoin City”.
