Welcome Bonus: Sign Up & Get Up to $150 in BTC

Get Started

El Salvador buys 150 more Bitcoin as BTC falls to $45,000

The nation recently legalized Bitcoin as legal tender and is buying as much of the asset as possible.

El Salvador buys 150 more Bitcoin as BTC falls to $45,000

Cover art/illustration via CryptoSlate

El Salvador purchased 150 more Bitcoin today as it looks to add to its existing Bitcoin coffers, President Nayib Bukele confirmed in a tweet today.

โ€œWe just bought the dip. 150 new coins! El Salvador now holds 700 coins,โ€ the tweet read, implying over $6.7 million were invested in the asset. The nation now sits on $31 million worth of Bitcoin as a result.

El Salvador became the first-ever nation to recognize Bitcoin as legal tender earlier this year, a law that went into effect on September 7. Citizens can exchange all goods and services within the country using Bitcoin, a move that has brought even corporates like McDonaldโ€™s and Burger King into the fray

But that wasnโ€™t all. President Bukele surprised nearly everyone earlier this month after revealing the country directly held 200 Bitcoin in its treasury. He followed up with another 200 Bitcoin purchase the same day, and with yet another 50 Bitcoin purchase in the days afterward.

The countryโ€™s buying spree isnโ€™t finished, at least if todayโ€™s tweet is considered. โ€œThey can never beat you if you buy the dips,โ€ stated President Bukele on Twitter, displaying an intent to buy even more Bitcoin in the days ahead.

Bitcoin criticism mounts up

Meanwhile, itโ€™s not like El Salvadorโ€™s Bitcoin push hasnโ€™t been met with criticism, both from within the country and other global associations.

The past few weeks have seen some Salvadorans take to protesting against the Bitcoin law. Certain groups have slated President Bukele for โ€œforcingโ€ Bitcoin on his people. Some have even called him a tyrannical leader with no consideration of the democratic process, accusing President Bukele of abusing his power and demanding the abolition of the law.

Some protest messages even read: โ€œNayib Bukele corrupted,โ€ and โ€œF*ck Bukule and his Bitcoin.โ€

The strength of feeling is such that some protestors have even resorted to destroying Bitcoin ATMs by setting them on fire.

Then comes the many government bodies who arenโ€™t pleased with El Salvadorโ€™s decision to legalize Bitcoin. The IMF and World Bank have, individually, voiced their displeasure about the move, alleging it could even result in economic risks.

Credit rating agency S&P has even gone as far as stating the move creates โ€œimmediate negative implicationsโ€ for El Salvadorโ€™s credit rating.

In a recent report, S&P Global even pointed out that the consequences of this could impact current attempts at securing money from the International Monetary Fund. They also mention more general concerns of increased โ€œfiscal vulnerabilities,โ€ and in hurting banks due to โ€œcurrency mismatches.โ€

โ€œThe risks associated with the adoption of Bitcoin as legal tender in El Salvador seem to outweigh its potential benefits,โ€ the agency said. Is El Salvador listening?