{"id":14760,"date":"2021-11-27T23:54:04","date_gmt":"2021-11-27T23:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/el-salvador-buys-100-more-bitcoins-amid-crypto-sell-offs-and-new-covid-19-variant-scare\/"},"modified":"2021-11-27T23:54:04","modified_gmt":"2021-11-27T23:54:04","slug":"el-salvador-buys-100-more-bitcoins-amid-crypto-sell-offs-and-new-covid-19-variant-scare","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/el-salvador-buys-100-more-bitcoins-amid-crypto-sell-offs-and-new-covid-19-variant-scare\/","title":{"rendered":"El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare"},"content":{"rendered":"

As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a<\/strong> recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to <\/strong>1,220.<\/strong><\/p>\n

El Salvador Buys the Dip: 1,220 Bitcoins Purchased to Date<\/h2>\n

El Salvador has taken advantage of the Friday sell-off and purchased 100 more bitcoins as reports of a new coronavirus variant spread. The Salvadoran president, Nayib Bukele, tweeted on Black Friday that his country has bought the dip. \u201c100 extra coins acquired with a discount,\u201d he wrote.<\/p>\n<\/p>\n

An advisory panel of the World Health Organization (WHO) on Friday classified the new Covid-19 variant, first detected in South Africa, as a highly transmissible virus, naming it \u201cOmicron.\u201d<\/p>\n

The crypto market shed billions of dollars<\/a> on Friday amid reports of the new coronavirus strain. The price of bitcoin fell from $59,165 Thursday afternoon to $53,798 Friday afternoon. BTC<\/a> is trading at $54,830.98 per coin at the time of writing based on data from Bitcoin.com Markets<\/a>.<\/p>\n

El Salvador made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC<\/a> was approximately $46,000.<\/p>\n

Since bitcoin became legal tender, El Salvador has purchased 1,220 BTC<\/a> altogether, according to announcements by Bukele.<\/p>\n

The day before the country\u2019s bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. It bought 150 BTC<\/a> more on Sept. 7 and 150 more coins on Sept. 20. Bukele said at the time, \u201cEl Salvador now holds 700 coins<\/a>.\u201d<\/p>\n

Since then, El Salvador bought 420 more coins on Oct. 27, bringing the total purchase to 1,120 coins<\/a>. Friday\u2019s purchase pushes the country\u2019s bitcoin stash to 1,220 coins. At the current price, 1,220 bitcoins are worth approximately $66.9 million.<\/p>\n

President Bukele announced last week a plan to build the world\u2019s first \u201cbitcoin city\u201d powered by a volcano and financed by bitcoin bonds<\/a>. He noted there would not be any taxes in the bitcoin city except for value-added tax (VAT).<\/p>\n

However, a day after the announcement, the International Monetary Fund (IMF) warned the country<\/a> against using BTC<\/a> as legal tender. The IMF cited \u201csignificant risks to consumer protection, financial integrity, and financial stability\u201d as the reasons, adding that it \u201calso gives rise to fiscal contingent liabilities.\u201d<\/p>\n

What do you think about El Salvador buying the dip amid crypto market sell-offs as a new Covid-19 strain emerged? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarkets and Prices, Bitcoin City, bitcoin selloff, buy the dip, buying the dip, buys bitcoin, COVID-19, covid-19 variant, crypto sell-offs, El Salvador, el salvador buys bitcoin, IMF, President Nayib Bukele<\/p>\n","protected":false},"excerpt":{"rendered":"

As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220. El Salvador Buys the Dip: 1,220 Bitcoins…<\/p>\n","protected":false},"author":0,"featured_media":14761,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14760","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\/14760"}],"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=14760"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14761"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}