El Salvador buys 150 BTC as crypto currencies prices plunge
The announcement came after a troubled weekend of protests in El Salvador
El Salvador government bought a further 150 bitcoins (less than $6.75m), President Nayib Bukele announced on 20 September as the price of bitcoin (BTC), the lead crypto, dropped below $45,000 during the night, bringing the total amount of BTC held by El Salvador to 700 (less than $31.5m).
“We just bought the dip. 150 new coins! El Salvador now holds 700 coins,” announced Bukele on Twitter.
The announcement followed a troubled weekend for El Salvador president as the local media grilled him on protests against bitcoin’s adoption after a member of the local press was accused of setting an ATM on fire.
The protest started on 15 September as the country celebrated its independence day from Spain, thousands of residents gathered in San Salvador, the capital, demonstrating against BTC as a legal tender.
Brian Armstrong approval
Coinbase CEO, Brian Armstrong, recently applauded the El Salvador experiment, wondering which country would follow in the future.
“Crypto does not account for the majority of transactions in El Salvador yet, but the decade is young. Steps in the right direction...” he wrote on Twitter.
Nevertheless, S&P analysts recently warned El Salvador against credit risks, as the adoption could come at high costs with bitcoin's extreme volatility possibly driving large swings in prices.
El Salvador figures
According to the local government, following the adoption of BTC in the country, more than 1.1 million users have installed the application known as Chivo-wallet to manage the balance of bitcoin and dollars using a mobile phone, while it is estimated that every day up to 300,000 new users are installing the official wallet.
With 205 bitcoin ATMs installed across the country, El Salvador has recently become third in the world for the number of cash machines in its territory according to Coinatmradar data.
BTC/USD price history
|Oct 27, 2021||61302.30||974.90||1.62%||60327.40||61372.55||60148.55|
|Oct 26, 2021||60321.45||-2772.70||-4.39%||63094.15||63293.00||59820.55|
|Oct 25, 2021||63095.50||2248.55||3.70%||60846.95||63742.25||60644.85|
|Oct 24, 2021||60853.35||-444.10||-0.72%||61297.45||61496.80||59489.75|
|Oct 23, 2021||61297.05||613.20||1.01%||60683.85||61753.75||59638.50|
|Oct 22, 2021||60683.20||-1495.65||-2.41%||62178.85||63762.50||59956.45|
|Oct 21, 2021||62200.00||-3804.90||-5.76%||66004.90||66668.75||61959.90|
|Oct 20, 2021||66004.65||1717.60||2.67%||64287.05||67020.00||63519.90|
|Oct 19, 2021||64286.75||2255.05||3.64%||62031.70||64524.25||61351.95|
|Oct 18, 2021||62033.45||505.75||0.82%||61527.70||62707.40||59878.75|
|Oct 17, 2021||61512.70||631.35||1.04%||60881.35||61717.20||59619.45|
|Oct 16, 2021||60876.75||-813.70||-1.32%||61690.45||62390.70||60150.70|
|Oct 15, 2021||61695.45||4340.85||7.57%||57354.60||62908.70||56857.75|
|Oct 14, 2021||57353.25||-19.75||-0.03%||57373.00||58553.95||56799.50|
|Oct 13, 2021||57372.50||1378.95||2.46%||55993.55||57811.50||54220.00|
|Oct 12, 2021||55997.35||-1498.75||-2.61%||57496.10||57711.40||53648.30|
|Oct 11, 2021||57494.40||2813.25||5.14%||54681.15||57841.15||54437.25|
|Oct 10, 2021||54678.25||-278.95||-0.51%||54957.20||56075.95||54104.95|
|Oct 9, 2021||54960.35||991.15||1.84%||53969.20||55495.70||53679.20|
|Oct 8, 2021||53968.10||161.75||0.30%||53806.35||56172.25||53621.00|