Bukele steps up El Salvador’s bet on sliding bitcoin; buys another 150 coins

Author of the article: SAN SALVADOR — El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency’s value slumped again, enlarging his bet on the cryptocurrency despite criticism. Bitcoin, the world’s biggest and best-known cryptocurrency, is down about 30% from the year’s high of $69,000…
Bukele steps up El Salvador’s bet on sliding bitcoin; buys another 150 coins

Author of the article:

SAN SALVADOR — El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency’s value slumped again, enlarging his bet on the cryptocurrency despite criticism.

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

Late on Friday, Bukele announced the government had stepped into the market again.

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

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

In September El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted 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, considering risks related to the cryptocurrency. (Reporting by Nelson Renteria; Writing by Drazen Jorgic; Editing by Daniel Wallis)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Strategic Investor Crescat Capital LLC to Acquire Up to 19.9% Ownership in Goliath Resources
Read More

Strategic Investor Crescat Capital LLC to Acquire Up to 19.9% Ownership in Goliath Resources

Author of the article: TORONTO, Feb. 15, 2022 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the “Company” or “Goliath”) is pleased to announce that Crescat Capital LLC (“Crescat”) a strategic investor has agreed to acquire up to 19.9% post funding of the $11,000,000 non-brokered private placement announced by Goliath earlier…
Pelosi addresses Taiwan parliament in visit condemned by China
Read More

Pelosi addresses Taiwan parliament in visit condemned by China

Author of the article: Reuters Yimou Lee and Sarah Wu TAIPEI — U.S. House of Representatives Speaker Nancy Pelosi addressed Taiwan’s parliament on Wednesday and was due to meet with its president as well as human rights activists during a visit to the island that has infuriated Beijing. China condemned the highest-level U.S. visit to…