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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Tech News

SoftBank COO to step down- CNBC
Crypto giant Binance hopes Russia will help regional growth
New EV owners resist gasoline cars, survey shows
Facebook wins conditional EU antitrust nod for Kustomer deal
WhatsApp has until end of Feb to clarify privacy policy change, EU says
Crypto tax firm CoinTracker raises $100 million for expansion
Crypto firm Fireblocks raises $550 million, company valued at $8 billion
ABB acquires controlling stake in InCharge Energy
Musk's bets on Tesla: no human drivers this year, robots next
Tencent quietly updates QQ with Unreal game engine in possible metaverse move

Others Also Read