El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin


El Salvador's President says the country had "bought the dip" in Bitcoin, taking advantage in its 7.7% decline to purchase 100 more of the coins. — REUTERS

El Salvador President Nayib Bukele said the Central American country had taken advantage the 7.7% decline in Bitcoin on Friday to purchase 100 more of the coins.

"El Salvador just bought the dip,” Bukele wrote on Twitter, almost a week after he announced the nation’s plan to sell US$1bil (RM4.24bil) in tokenised 10-year dollar-denominated bonds.

El Salvador previously bought a total of 1,100 Bitcoin as of Oct 27. The country made the cryptocurrency legal tender alongside the dollar from Sept 7.

Dollar bonds from El Salvador are among the worst-performing in emerging markets so far this month, lagging only defaulted Lebanese debt, according to data compiled from a Bloomberg index.

The selloff in the bonds came as investors weighed the possibility of higher indebtedness in the Central American nation, as well as rising concern it will not reach a deal with the International Monetary Fund. – Bloomberg

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