El Salvador Purchases 100 More BTC Following the Price Dip Sparked By the New COVID Variant

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Last Friday, El Salvador President and crypto proponent Nayib Bukele announced on Twitter the country’s purchase of 100 more Bitcoin (BTC) following the dominant crypto’s price drop-off sparked by the newly-discovered COVID-19 variant in South Africa, the Omicron. As per the reports, BTC’s market price value fell to as low as $54,343 at the country’s time of purchase before springing back up to now sit at about $57,830.

This recent BTC purchase of El Salvador only proves true the promise stated by Bukele back when the country’s Bitcoin Law was implemented to purchase more coins on price dips. On September 7, when BTC’s global market price was roughly $52,000 apiece, El Salvador purchased 200 BTC. Including the country’s most recent crypto splurge, El Salvador now reportedly holds 1,220 BTC or about $66.3 million in today’s exchanges.

This recent development is El Salvador’s newest initiative to push BTC adoption and mining further within the country, which has now seemingly become President Bukele’s bread and butter for the past several months. Since implementing the Bitcoin Law to render BTC the country’s legal tender, Bukele’s administration has proposed several infrastructure constructions to build upon the country’s native BTC wallet, the Chivo. Furthermore, El Salvador has also been looking to establish a $1 billion Bitcoin bond-funded “Bitcoin City” at the base of one of its volcanoes.

While some of the country’s citizens heavily oppose such crypto-based advancements, Nayib Bukele’s focus on BTC seemingly remains undeterred. That being said, such projects would most likely persist regardless of the growing protests.

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