{"id":11857,"date":"2021-09-08T01:54:06","date_gmt":"2021-09-08T01:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/first-day-of-bitcoin-as-legal-tender-el-salvador-buys-the-dip-countrys-btc-stash-grows\/"},"modified":"2021-09-08T01:54:06","modified_gmt":"2021-09-08T01:54:06","slug":"first-day-of-bitcoin-as-legal-tender-el-salvador-buys-the-dip-countrys-btc-stash-grows","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/first-day-of-bitcoin-as-legal-tender-el-salvador-buys-the-dip-countrys-btc-stash-grows\/","title":{"rendered":"First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country\u2019s BTC Stash Grows"},"content":{"rendered":"

Bitcoin is now legal tender in El Salvador, and the country\u2019s 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.<\/strong><\/p>\n

El Salvador Buys More Bitcoin<\/h2>\n

El Salvador\u2019s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC<\/a> a national currency alongside the U.S. dollar.<\/p>\n

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. \u201cEl Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches,\u201d he wrote<\/a>. A few hours later, he tweeted<\/a>: \u201cEl Salvador just bought 200 new coins. We now hold 400 bitcoin.\u201d<\/p>\n

The price of bitcoin was rising leading up to the Bitcoin Law entering into force. However, it dipped<\/a> 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.<\/p>\n

After the price dipped, President Bukele tweeted<\/a>: \u201cBuying the dip. 150 new coins added.\u201d<\/p>\n<\/p>\n

<\/p>\n

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, \u201cIt appears the discount is ending. Thanks for the dip @IMFNews. We saved a million in printed paper,\u201d adding:<\/p>\n

El Salvador now holds 550 bitcoin.<\/p>\n

The International Monetary Fund (IMF) has spoken against<\/a> countries adopting bitcoin as legal tender on several occasions. In late August, IMF\u2019s legal counsels said that cryptocurrencies, like bitcoin, came with \u201csubstantial risks\u201d and are inadvisable<\/a> as legal tender.<\/p>\n

Sept. 7 got off to a bumpy start for El Salvador when users complained that the government\u2019s 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.<\/p>\n

What do you think about El Salvador buying the dip and growing its bitcoin stash? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, 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<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is now legal tender in El Salvador, and the country\u2019s 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\u2019s Bitcoin Law came into…<\/p>\n","protected":false},"author":0,"featured_media":11858,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11857"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11857"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11858"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}