Tuesday, January 25, 2022
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El Salvador ‘Buys the Dip’ Again and Purchases More Bitcoin Amid Price Pullback

El Salvador is buying the dip again as the price of Bitcoin (BTC) suffers through a pullback.

The country’s president, Nayib Bukele, tells his 3.1 million Twitter followers that El Salvador is purchasing 100 BTC “at a discount.”

Bitcoin’s price plummeted by more than 7% on Friday as markets worldwide got rattled by the discovery of a new coronavirus variant. The largest crypto by market cap is trading at $54,423 at time of writing.

Crypto veteran and Bitcoin bull Anthony Pompliano lauded the move on Twitter.

“The President of El Salvador just announced that the country has purchased another 100 bitcoin. A nation state is buying the dip. Unreal.”

It’s not the first time El Salvador has bought the dip. In September, Bukele announced the Central American country had purchased 150 BTC shortly after a Bitcoin price pullback. He also executed a similar move in late October with an additional purchase of 420 BTC.

El Salvador first made Bitcoin legal tender in September. Earlier this week, the country announced plans for a new futuristic “Bitcoin City” project that will exist between the cities of La Unión and Conchagua.

Says the government,

“Bitcoin City will be the most advanced city of its kind, more famous than the largest cities and metropolises in the world. It is the beginning of what will be called the ‘Metropolitan Area of the Bitcoin City.’”

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