El Salvador buys bitcoin dip predicting middle- to long-term gains

The President of El Salvador Nayib Bukele

Earlier this month, El Salvador became the first country to accept bitcoin as legal tender. Ensuring the country has enough of the currency for it to be used day to day by its citizens, President Bukele revealed via Twitter that the country had purchased 150 coins while the market had taken a dip, bringing the total bitcoin holdings to 700 coins – that works out to $30.8 million.

As everyone knows by now, the price of bitcoin is very volatile and this has caused some concerns among a section of society who have taken to protesting and causing criminal damage. Nobody in the world knows what effect bitcoin will have by becoming legal tender in the country – it could act as a boon or turn out bad. While protestors have bitcoin in their sights, the protests are also taking place due to Bukele’s moves to get control over the judiciary which has allowed him to run for a second term despite limits laid out in the constitution.

The memeish President also said ‘They can never beat you if you buy the dips’ in the tweet thread and then tweeted again claiming that was ‘Presidential advice’. He later tweeted to say that the country’s Chivo bitcoin app now has more than 1.1 million users in a country of 6.8 million people.

Despite the most recent bitcoin dip, many people are still bullish on bitcoin and the wider cryptocurrency landscape as it continues to develop new technologies and attempts to shift to cleaner and faster protocols like proof-of-work and the lightning network, respectively.

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