El Salvador Snaps Up More BTC Amid Global Market Downturn
El Salvador's President Nayib Bukele has announced that his country has purchased an additional 100 BTC to add to its reserve, taking advantage of a dip in Bitcoin's price. The investment comes just weeks after Bukele declared plans to build 'Bitcoin City,' a metropolis powered by geothermal energy from a volcano.
The purchase brings El Salvador's total holdings to 1,200 BTC, acquired at a time when the global market is experiencing a downturn due to concerns over the new coronavirus variant. Bitcoin's price plummeted to $53,576.74 last week before recovering slightly.
Bukele has been unapologetic about his country's decision to adopt Bitcoin as legal tender in September, despite criticism from central banks and the International Monetary Fund (IMF). In a tweet responding to Bank of England Governor Andrew Bailey's concerns over consumer understanding, Bukele accused the Bank of printing money 'out of thin air.'