Fun

First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country’s BTC Stash Grows

News Feed - 2021-09-08 10:09:27

First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country"s BTC Stash Grows


Bitcoin is now legal tender in El Salvador, and the country’s bitcoin stash has grown to 550 coins. The Salvadoran government started buying the cryptocurrency Monday ahead of the Bitcoin Law taking effect. On Tuesday, President Nayib Bukele said El Salvador bought the dip. El Salvador Buys More Bitcoin


El Salvador’s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC a national currency alongside the U.S. dollar.


El Salvador has been buying bitcoin ahead of the Bitcoin Law taking effect. President Nayib Bukele announced Monday that his government had started buying bitcoin. “El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches,” he wrote. A few hours later, he tweeted: “El Salvador just bought 200 new coins. We now hold 400 bitcoin.”


The price of bitcoin was rising leading up to the Bitcoin Law entering into force. However, it dipped around 11:00 a.m. EST on Sept. 7, falling from above $51K to below $43K. At the time of writing, the price stands at about $46,883.


After the price dipped, President Bukele tweeted: “Buying the dip. 150 new coins added.”



The Salvadoran president followed up with another tweet at 11:25 a.m. EST as the price of bitcoin stabilized at the $46K level. He wrote, “It appears the discount is ending. Thanks for the dip @IMFNews. We saved a million in printed paper,” adding: El Salvador now holds 550 bitcoin.


The International Monetary Fund (IMF) has spoken against countries adopting bitcoin as legal tender on several occasions. In late August, IMF’s legal counsels said that cryptocurrencies, like bitcoin, came with “substantial risks” and are inadvisable as legal tender.


Sept. 7 got off to a bumpy start for El Salvador when users complained that the government’s bitcoin wallet app, Chivo, was unavailable on various platforms, including Apple and Huawei. When the app became available on Huawei, it was unable to cope with user registration, Bukele explained, adding that the government decided to unplug it in order to connect to more servers and increase capacity. The issue appeared to have been resolved at the time of writing.


What do you think about El Salvador buying the dip and growing its bitcoin stash? Let us know in the comments section below. Standard Chartered Report Structurally Values Ethereum at "$26K to $35K" NEWS | 6 hours ago Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies NEWS | 10 hours ago Tags in this story bitcoin legal tender, bitcoin legal tender el salvador, Bitcoin Price, bought the dip, buy the dip, buying the dip, El Salvador, IMF, President Nayib Bukele


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users
Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users sponsored Binance, the world’s leading blockchain ecosystem and cryptocurrency platform
Market Outlook: Bitcoin Breaks $11K, Whales Refuse to Sell, Downside Risk Remains
Market Outlook: Bitcoin Breaks $11K, Whales Refuse to Sell, Downside Risk RemainsThe price of bitcoin jumped above the $11k threshold on Saturday morning and into the afternoon, aft
Strategists: US Dollar’s Reserve Currency Status Eroding at ‘Alarming Pace’
Strategists: US Dollar"s Reserve Currency Status Eroding at "Alarming Pace" Asset management firm Eurizon SLJ’s strategists have warned that the erosion of the U.S. dollar’
Jesse Coghlan5 hours agoMeta ‘ruined’ the term metaverse, but now it’s evolving: Yuga Labs CEOWhile Meta’s Horizon Worlds is suffering from a low user base, metaverse platforms have focused on building, says Yuga
2021’s NFT Boom Pushes Collectors Toward Rare and Older Collections
2021"s NFT Boom Pushes Collectors Toward Rare and Older Collections In 2021, non-fungible tokens (NFTs) have been extremely popular and have become a billion-dollar industry this y
Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action ‘Violates Liquid’s Security Model’
Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action "Violates Liquid"s Security Model"Liquid, the sidechain network developed by the company Blockstream, saw 870 bi
Southeast Asia’s Largest Bank DBS Expands Crypto Business to Meet ‘Growing Demand’
Southeast Asia’s Largest Bank DBS Expands Crypto Business to Meet "Growing Demand" DBS, Southeast Asia’s largest bank, has announced a series of mileston
Bitcoin price falls under $62K amid wavering spot BTC ETF demand
Nancy Lubale3 hours agoBitcoin price falls under $62K amid wavering spot BTC ETF demandBitcoin price slipped below $62,000 as capital flows into the spot Bitcoin ETFs continue to taper off.1302 Total views33 Total shares
Pundit Sounds Major Crash Alarm For XRP Price As ’12-Year Cycle’ Comes To An End
Este artículo también está disponible en español. XRP has been forming a red bearish candlesince the beginning of February, which is a result of a price crash that took p
Crypto Earning vs. Savings Accounts: How You Can Get Up to 17% Annually Holding Digital Assets
Crypto Earning vs. Savings Accounts: How You Can Get Up to 17% Annually Holding Digital Assets The mainstream has caught a whiff of the gains cryptocurrencies li
Texas State Securities Board Flags 15 Investment Entities Including One Unregistered Crypto Trader
Texas State Securities Board Flags 15 Investment Entities Including One Unregistered Crypto Trader The Texas State Securities Board (TSSB) has announced a series
Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network
Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’