{"id":477603,"date":"2021-11-29T17:00:43","date_gmt":"2021-11-29T17:00:43","guid":{"rendered":"https:\/\/ktsl888.com\/?p=477603"},"modified":"2024-06-11T08:03:35","modified_gmt":"2024-06-11T08:03:35","slug":"el-salvador-buys-bitcoin-dip-as-omicron-variant-ravages-market","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/el-salvador-buys-bitcoin-dip-as-omicron-variant-ravages-market\/","title":{"rendered":"El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market"},"content":{"rendered":"<p class=\"p1\">El Salvador continues to keep its commitment to its Bitcoin strategy. The country which is currently the only sovereign nation to use a cryptocurrency as a legal tender has been making strides when it comes to its investment in Bitcoin.<\/p>\n<p class=\"p1\">Not too long ago, El Salvador had made another bitcoin purchase that brought its total to 1,120 BTC being held by the country. This was a continuation of the promise President Nayib Bukele had made on \u201cBitcoin Day\u201d to increase the country\u2019s holdings in the asset as time goes on. Staying on theme, the country has once again made another bitcoin purchase when the market is down and bought the dip.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/market-analysts-explain-why-this-correction-is-good-for-bitcoin\/\">Market Analysts Explain Why This Correction Is Good For Bitcoin<\/a><\/strong><\/em><\/p>\n<h2 class=\"p1\">El Salvador Adds 100 BTC<\/h2>\n<p class=\"p1\">President Nayib Bukele took to Twitter to announce the most recent Bitcoin purchase made by the government of El Salvador. In the tweet, the president said that the country had bought an additional 100 BTC at a \u201cdiscount.\u201d The discount being referred to is the downtrend that bitcoin has been in following its touch of a new all-time high at $69,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">El Salvador just bought the dip.<\/p>\n<p>100 extra coins acquired with a discount \ud83e\udd73<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a>\u00a0\ud83c\uddf8\ud83c\uddfb<\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/93715716?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/mr4xNPVN\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"1345\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">BTC recovers to $56K | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">BTCUSDon TradingView.com<\/a><\/pre>\n<p class=\"p5\">The discovery of a new COVID variant which had been reported by South African scientists had once again rocked financial markets globally. COVID had first laid waste to financial markets when countries had had to go into lockdowns to protect citizens from the virus. The markets had subsequently recovered but the impact at the time had been significant for the markets.<\/p>\n<p class=\"p5\">This time around, with the discovery of the Omicron COVID variant, Bitcoin had fallen about 20%. However, according to President Nayib Bukele, this presented the country an opportunity to purchase the digital asset at a 20% \u2018discount\u2019.<\/p>\n<h2 class=\"p5\">Bukele Strikes Back At Bank of England<\/h2>\n<p class=\"p5\">Bank of England\u2019s Chief Andrew Bailey had slammed El Salvador\u2019s decision to accept Bitcoin as legal tender recently. Bailey had <a href=\"https:\/\/www.cityam.com\/bank-of-england-chief-concerned-over-el-salvador-use-of-bitcoin-as-legal-tender\/\" rel=\"nofollow\">expressed<\/a> concern over the dual currency system currently in operation in the country but mostly focused on the country\u2019s adoption of bitcoin. The bank chief explained that the volatility of the digital asset could negatively affect the country.<\/p>\n<p class=\"p5\">President Nayib Bukele had taken to Twitter to address the concerns raised by the chief over the weekend. In the sarcastic response, the president mocked the chief, saying that \u201cI guess Bank of England\u2019s interest in the well-being of our people is genuine.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bank of England is \u201cworried\u201d about El Salvador\u2019s adoption of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a>?<\/p>\n<p>Really?<\/p>\n<p>I guess Bank of England\u2019s interest in the well-being of our people is genuine.<\/p>\n<p>Right?<\/p>\n<p>I mean, they have always cared about our people. Always.<\/p>\n<p>Gotta love Bank of England \ud83d\ude0d<a href=\"https:\/\/t.co\/qsQNdw8h7L\" rel=\"nofollow\">https:\/\/t.co\/qsQNdw8h7L<\/a><\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/47254538?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 27, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/whales-fill-up-on-bitcoin-while-broader-market-panics\/\">Whales Fill Up On Bitcoin While Broader Market Panics<\/a><\/strong><\/em><\/p>\n<p class=\"p5\">Additionally, Bukele had pointed out a concern of its own regarding the bank.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m really concerned about <a href=\"https:\/\/twitter.com\/bankofengland?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@bankofengland<\/a> printing money out of thin air.<\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/84296448?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 27, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p5\">Despite criticisms following its adoption of bitcoin as legal tender in the country, El Salvador has not backed down on its mission. The latest development is plans to build a \u201cBitcoin City\u201d that has no income or capital gains tax. Also, El Salvador has been successfully mining bitcoin using volcanic energy since October.<\/p>\n<pre style=\"text-align: center\">Featured image from The Guardian, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador continues to keep its commitment to its Bitcoin strategy. The country which is currently the only sovereign nation to use a cryptocurrency as a legal tender has been making strides when it comes to its investment in Bitcoin. Not too long ago, El Salvador had made another bitcoin purchase that brought its total to 1,120 BTC being held by the country. This was a continuation of the promise President Nayib Bukele had made on \u201cBitcoin Day\u201d to increase the country\u2019s holdings in the asset as time goes on. Staying on theme, the country has once again made another bitcoin purchase when the market is down and bought the dip. Related Reading |\u00a0Market Analysts Explain Why This Correction Is Good For Bitcoin El Salvador Adds 100 BTC President Nayib Bukele took to Twitter to announce the most recent Bitcoin purchase made by the government of El Salvador. In the tweet, the president said that the country had bought an additional 100 BTC at a \u201cdiscount.\u201d The discount being referred to is the downtrend that bitcoin has been in following its touch of a new all-time high at $69,000. El Salvador just bought the dip. 100 extra coins acquired with a discount \ud83e\udd73#Bitcoin\u00a0\ud83c\uddf8\ud83c\uddfb &mdash; Nayib Bukele (@nayibbukele) November 26, 2021 BTC recovers to $56K | Source: BTCUSDon TradingView.com The discovery of a new COVID variant which had been reported by South African scientists had once again rocked financial markets globally. COVID had first laid waste to financial markets when countries had had to go into lockdowns to protect citizens from the virus. The markets had subsequently recovered but the impact at the time had been significant for the markets. This time around, with the discovery of the Omicron COVID variant, Bitcoin had fallen about 20%. However, according to President Nayib Bukele, this presented the country an opportunity to purchase the digital asset at a 20% \u2018discount\u2019. Bukele Strikes Back At Bank of England Bank of England\u2019s Chief Andrew Bailey had slammed El Salvador\u2019s decision to accept Bitcoin as legal tender recently. Bailey had expressed concern over the dual currency system currently in operation in the country but mostly focused on the country\u2019s adoption of bitcoin. The bank chief explained that the volatility of the digital asset could negatively affect the country. President Nayib Bukele had taken to Twitter to address the concerns raised by the chief over the weekend. In the sarcastic response, the president mocked the chief, saying that \u201cI guess Bank of England\u2019s interest in the well-being of our people is genuine.\u201d Bank of England is \u201cworried\u201d about El Salvador\u2019s adoption of #Bitcoin? Really? I guess Bank of England\u2019s interest in the well-being of our people is genuine. Right? I mean, they have always cared about our people. Always. Gotta love Bank of England \ud83d\ude0dhttps:\/\/t.co\/qsQNdw8h7L &mdash; Nayib Bukele (@nayibbukele) November 27, 2021 Related Reading |\u00a0Whales Fill Up On Bitcoin While Broader Market Panics Additionally, Bukele had pointed out a concern of its own regarding the bank. I\u2019m really concerned about @bankofengland printing money out of thin air. &mdash; Nayib Bukele (@nayibbukele) November 27, 2021 Despite criticisms following its adoption of bitcoin as legal tender in the country, El Salvador has not backed down on its mission. The latest development is plans to build a \u201cBitcoin City\u201d that has no income or capital gains tax. Also, El Salvador has been successfully mining bitcoin using volcanic energy since October. Featured image from The Guardian, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":477610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[75,428,435,1119,83729,83728],"class_list":["post-477603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption","tag-bitcoin","tag-bitcoin-adoption","tag-btc","tag-el-salvador","tag-nayib-bukele"],"acf":[],"yoast_head":"\n<title>El Salvador Buys Bitcoin Dip As Omicron Variant Ravages Market<\/title>\n<meta name=\"description\" content=\"El Salvador continues to keep its commitment to its Bitcoin strategy. 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