Cryptocurrency markets seem to be falling on a daily basis. But El Salvador is not falling behind as they have bought 100 more Bitcoin on the declines.
Bitcoins have seen a sharp decline in price over the past few months, and many investors have become disillusioned with it. Despite its recent decline, El Salvador bought another 100 BTC on the downswing.
El Salvador has become one of the first countries in Latin America to make Bitcoin transactions legal and they are now one of the most active Bitcoin marketplaces in the region. The country has seen a surge in interest among international investors, as it is now one of the most affordable markets for digital currency trading.
Despite the downtrend, Bitcoin remains a popular investment among many people who believe in its potential for value growth. In fact, El Salvador is still investing heavily in Bitcoin because it’s a widely-accepted and growing currency.
Despite bearish sentiment in the cryptocurrency market this week, the president of El Salvador announced on Twitter that he had bought a bitcoin on the market. The president did not question his investment and has no plans to sell his newly acquired crypto asset anytime soon.
El Salvador has joined the ranks of countries that are making cryptocurrency acquisitions. Last month, the President announced a much larger purchase of 420 Bitcoins, currently worth over $22 million at current market value.
However, Peter Schiff, the notorious bitcoin critic, doesn’t seem to be impressed by President Bukele’s decision to purchase bitcoin. The gold supporter thinks it’s “unfortunate” for the people of El Salvador that the president decided to buy into this cryptocurrency.