Bukele Steps Up El Salvador’s Sliding Bitcoin Bet; buy another 150 coins – .

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Bukele Steps Up El Salvador’s Sliding Bitcoin Bet; buy another 150 coins – .


Salvadoran President Nayib Bukele speaks at a cornerstone laying ceremony for Chivo Vet, a veterinary hospital funded with the earnings El Salvador obtained from its bitcoin operations, in Antiguo Cuscatlan, El Salvador, on November 1 2021. REUTERS / Jose Cabezas

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SAN SALVADOR, Dec. 4 (Reuters) – Salvadoran President Nayib Bukele said the Central American country acquired an additional 150 bitcoins after the digital currency’s value fell further, expanding its bet on cryptocurrency despite the reviews.

Bitcoin, the world’s largest and best-known cryptocurrency, is down about 30% from the annual high of $ 69,000 on November 10. Bukele said last week that El Salvador acquired an additional 100 coins to take advantage of the weakening currency. Read more

Late Friday, Bukele announced that the government had entered the market again.

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“El Salvador just bought the drop! 150 pieces at an average USD price of around $ 48,670, ”Bukele wrote on Twitter.

Until November 26, El Salvador had 1,220 bitcoins.

In September, El Salvador became the first country in the world to adopt bitcoin as legal tender, a move that garnered global media attention but also drew criticism from the opposition and foreign financial institutions.

The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as legal tender, given the risks associated with cryptocurrency.

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Reporting by Nelson Renteria; Writing by Drazen Jorgic; Editing by Daniel Wallis

Our Standards: Thomson Reuters Trust Principles.

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