El Salvador Celebrates Black Five Promotion, Buy 100 BTC 20% Off

Salvadoran President Nayves Bukele bought the bitcoin fund again by investing more than $ 5 million when the value of bitcoin fell below $ 54,000 on Friday.

President Bukele in a tweet on Friday said he bought an additional 100 BTC after the global trade crisis due to new developments in South Africa. After its historic value of $ 69,000 on November 10, Bitcoin fell more than 20%, according to data from Cointelegraph Markets Pro.

El Salvador recently traded BTC.

Redeem 100 BTC at a reduced price #Bitcoin "

- Nayibbukele (@nayibbukele) November 26, 2021

On September 7, the day before the Bitcoin law was introduced, Bukele first announced that El Salvador would buy BTC on a large scale. At that time, Korea bought 200 BTC for around $ 52,000. Now, whenever El Salvador buys BTC, Bukele will announce it on Twitter. Prior to the recent purchase, the country held 1,120 BTC. On November 26, 100 BTCs were recovered and initially the BTCs held by El Salvador were worth around $ 66.3 million.

Since plans to make Bitcoin legal tender for El Salvador were first announced in June, Bukele has announced several plans regarding its adoption and mining in El Salvador. The government has started building infrastructure to support Chivo, owner of the state-owned bitcoin wallet, and recently announced plans to build a national bitcoin town around the volcano. The initial investment will be based on the billion dollars provided for in the Bitcoin contract.

Many Salvadorans have spoken out against crypto, especially against Bukele and Bitcoin. In September, city walkers demolished the Bitcoin pavilion in Chibo and painted the ruins with anti-BTC symbols. Human unrest and protests in parts of the country and retirement groups, veterans, people with disabilities and other workers have also protested against the Bitcoin law.