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.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Three Key Fundamentals That Drive Bitcoin's Growth

Bitcoin has been pushed throughout its almost 12 years of existence by its core believers while its underlying technology and fundamentals, including its inherent scarcity over time, helps pull it onto new heights. In the past decade, the narrative about Bitcoin has changed in all...
Read More

Ethical Hackers Help Recover Lost Bitcoin

Hackers Crack Wallet to Find $175,000 Worth of BitcoinRhonda Kampert, a US citizen in Illinois, was an early investor in cryptocurrency. Back in 2013, Kampert bought six BTC at the rate of $80 each after hearing about Bitcoin and cryptocurrency during a radio talk show....
Read More

How to Fix Bitcoin Unconfirmed Transactions

An unconfirmed Bitcoin transaction can occur when you choose a smaller miner price as a transaction fee for the Bitcoin transaction. As a result, the miners may not confirm the transaction. This is one of the major issues with Bitcoin trading, the other issue being...
Total
0
Share