Nayib Bukele Utilizes Bitcoin Price Drop, Adds 150 Coins

JAKARTA – When the price of Bitcoin fell sharply, Saturday, December 4, the President of El Salvador, Nayib Bukele, actually took the opportunity. Bukele said the Central American nation had earned an additional 150 bitcoins after the digital currency's value slumped again. Buying has increased the stakes in cryptocurrency despite the criticism.

Bitcoin, the world's largest and most popular cryptocurrency, is down about 30% from this year's high of $69,000 on November 10. Bukele said last week that El Salvador had acquired an additional 100 coins to take advantage of the cryptocurrency's weakness.

Late Friday, Bukele announced the government had stepped into the market again. He took advantage of the weakening situation of the world's main cryptocurrency.

"El Salvador just bought a dip! 150 coins at an average USD price of 48,670 US dollars," Bukele wrote on Twitter.

As of November 26, according to a Reuters report, El Salvador had 1,220 bitcoins. With the addition of 150 more coins, it is estimated that the country now has 1,370 bitcoins and is the largest entity that owns this cryptocurrency.

In September El Salvador became the first country in the world to adopt bitcoin as a legal tender. It was a move that attracted global media attention but also drew criticism from the opposition and foreign financial institutions.

The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as legal tender, given the risks associated with cryptocurrencies.

But this criticism and warning from the IMF were considered a breeze by Bukele. He actually became more confident by buying Bitcoin when the price dropped. Bukele, seems very confident that this cryptocurrency will soon increase in value.