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El Salvador bought bitcoins 9th time

“Buy the dip” is the cache slogan in equity markets. Investors used to buy valuable shares of the company to reduce the average price or hold more shares and sell later for huge amounts.  Soon after El Salvador announced bitcoin as legal tender of the country, buy the dip became the policy of the nation. President of El Salvador, Nayib Bukele is acting as CEO of cryptocurrency. He is encouraging people to buy biotin whenever the famous crypto falls down. El Salvador purchased 410 bitcoin for $15 million two days back with the currency trading at its lowest point in six months.


El Salvador start buying 400 bitcoins first time on September 06th, one day before announcing bitcoin as its official currency. After trading 9 times of bitcoin the country amassed 1801 bitcoins in its wallet. The country has a 6.5 million population. Out of more than 4 million people who have bitcoin wallets in El Salvador. Small companies in El Salvador will be able to receive funding to power their companies with cryptocurrency. El Salvador will offer bitcoin-backed loans to small businesses. The government allowed massive discounts available for those who are paying with bitcoin. Turkey’s President Erdogan holds a joint news conference with El Salvador’s President Bukele to talk about currencies.


As per some financial experts, El Salvador has lost 14% since it started “buy the dip" Bitcoin in September 2021, through January 13, 2022. People are losing 400 million dollars in annual commissions and (bitcoin) is something that benefits the people of El Salvador by having an option to send and receive money outside the country without commissions. Moody’s Investors Service rates El Salvador is at very high credit risk. Purchase of Bitcoins with public funds, subjecting the country to the cryptocurrency’s extreme volatility. But President Bukele doesn’t care about Moody’s rating.        

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