El Salvador Buys the Dip

El Salvador, the first county to legalize Bitcoin as an optional legal tender, has bought an additional 21 Bitcoin on 21.21.21.

El Salvador, the first county to legalize the leading cryptocurrency bitcoin as legal tender, has bought an additional 21 Bitcoins. President Nayib Bukele, who has played a key role in bringing BTC to the masses in the country, announced they have bought an additional 21 BTC to mark the last 21st day of the year 21 of the 21st century.

El Salvador continues to buy bitcoin. 

President Nayib Bukele started a Twitter quote thread of sorts where he first talked about how El Salvador’s entire area is about 21,000 square kilometers referring to the 21 million supply of BTC. He later said that they would make the BTC purchase exactly at 21:21:21. President Bukele went on to confirm their purchase in a later tweet. The Central American country has been buying the Bitcoin dip ever since they made it an optional legal tender in September. The latest purchase is comparatively lower, but it was to honor an occasion rather than buying the actual dip.

The decision to make Bitcoin a legal tender earlier this year in El Salvador was met with a huge uproar from IMF, the world bank, and other international organizations. IMF has issued several warnings against the use of BTC as a legal tender. However, the small Central American nation is already reaping the benefits of adopting the leading cryptocurrency. The country has seen the biggest change in the remittance market, where Bitcoin ATMs have become the primary tool for sending and receiving money overseas. Profits from Bitcoin have also helped the country build new hospitals and schools. However, there was some resistance from opposition parties in the country for making bitcoin a legal tender.