El Salvador Government Continues Bitcoin Accumulation, Now Holds 700 BTC

El Salvador President, Nayib Bukele, has added 150 Bitcoin to its previous purchases, amid a decline in prices both for BTC and the general cryptocurrency market.

El Salvador Takes Advantage of Bitcoin Price Dip

Bukele tweeted the news in the early hours of Monday (September 20, 2021). According to the El Salvador President, the country now holds a total of 700 bitcoin, worth $30.7 million as of press time.

Meanwhile, it is not the first time that Bukele is leveraging bitcoin’s price crash. After purchasing a total of 400 BTC hours before the Bitcoin Law was passed, the President announced a new purchase of 150 bitcoin on September 7, which came after the price of BTC plummeted, along with other altcoins.
Following the recent purchase, President Bukele added

“they can never beat you if you buy the dips.”

While also stating that it was

“Presidential advice.”

The latest development comes less than two weeks after the country officially declared the largest crypto by market capitalization a legal tender. This made El Salvador the first country globally to make such a move.

Furthermore, Bukele’s administration has put up infrastructure to encourage bitcoin adoption in the country. A government-owned wallet called Chivo was launched, with an incentive that adult citizens will get $30 worth of BTC if they download the wallet.

However, Chivo was not without hitch, as it encountered some issues on launch day, causing the government to temporarily take it down for maintenance. Bitcoin ATMs were also installed to make remittances cheaper and faster.

President Bukele’s Bitcoin Law Faces Criticisms

Earlier in September, Bukele’s legal adviser, Javier Argueta, said that investors will not pay taxes on income or capital gains on bitcoin, even if they make huge profits. According to Argueta, the tax exemption is a way to attract foreign investment to El Salvador.

However, President Bukele continues to face criticism due to the Bitcoin Law. Recently, there were reports of an anti-bitcoin protest held in El Salvador’s capital, San Salvador. The protesters attacked the bitcoin ATMs, setting one of them on fire.

There was another report by Reuters, stating that El Salvador’s Court of Accounts, which supervises the country’s public resources, said it got a complaint from Cristosal, a human rights and transparency agency, about El Salvador’s government BTC purchases and Bitcoin ATM kiosks.

Cristosal asks for an investigation into the authorization process of the bitcoin acquisitions, and also the financing installation of the crypto ATMs. Meanwhile, the Court of Accounts reportedly said it received the complaint and will look into the matter.

Some Countries are not Open to Bitcoin Like El Salvador

While El Salvador has officially embraced bitcoin as a legal tender, some other countries do not share the same sentiment. Russia revealed that it was not prepared to imitate El Salvador’s bitcoin move, stating that such a step would only cause harm to the financial and economic system.

Meanwhile, Turkey’s President Bilal Erdoğan, while speaking with students at a Youth Meeting Program in Mersin, said that the government was at war with cryptocurrency. Erdoğan said:

“We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.”

Back in April, Turkey banned the use of crypto for payment of goods and services, citing risks and lack of regulation as reasons.

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