Crypto Flash Crash prompts El Salvador to buy Dip – 150 bitcoins added to treasure

Crypto Flash Crash prompts El Salvador to buy Dip - 150 bitcoins added to treasure

El Salvador has taken advantage of bitcoin’s price dips several times. On Nov. 26, Bukele revealed that his country bought 100 more BTC as the price of the cryptocurrency dropped following reports of a new Covid-19 variant, now known as omicron.

The cost of numerous digital currencies started plunging late Friday night, with bitcoin sliding practically 14% from somewhat above $52K at 11:42 p.m. EDT to beneath $45K at 12:28 a.m. in view of data from Bitcoin.com Markets. At the hour of writing, the cost of BTC is drifting around $48,040. Taking advantage of the falling cost of bitcoin, El Salvador’s leader, Nayib Bukele, tweeted at 12:19 a.m. with regards to his country’s most recent BTC buy. “El Salvador just purchased the plunge! 150 coins at a normal USD cost of ~$48,670.” He followed up with another tweet a couple of moments later: “Missed the f***ing bottom by 7 minutes.”

Bitcoin was made legal tender in El Salvador alongside the U.S. dollar in September. Since then, El Salvador has purchased 1,370 BTC altogether.

Last week, the International Monetary Fund (IMF) warned the country against using bitcoin as legal tender. The governor of the Bank of England, Andrew Bailey, similarly cautioned that he is worried about El Salvador making bitcoin a national currency. Bukele responded to the boss of the British central bank by stating, “I’m really concerned about Bank of England printing money out of thin air.”

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