By
Chimamanda U. Martha
April 24th, 2024
As the only country in the world that has passed Bitcoin as a legal tender alongside the United States dollar, El Salvador stands in the spotlight of the new world order.
Nayib Bukele, the current President of El Salvador, has announced through his official Twitter page that the country has purchased 150 more Bitcoin coins, hereby bringing the total country’s accumulated BTC coins to 700. Additionally, Bukele, who has been named by some as a dictator, also advised his over 2.9 million social media followers.
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#Bitcoin🇸🇻
— Nayib Bukele (@nayibbukele) September 20, 2021
According to Bukele, crypto investors should keep buying the dips presented by the bear markets to see the light of a bull market. “They can never beat you if you buy the dips,” Bukele emphasized. He closed his series of tweets with, ‘Presidential advice’ followed by an El Salvador’s flag.
Notably, the crypto market opened Monday’s trading session on a bear market that had sustained during the New York trading session. Consequently, the global cryptocurrency market cap according to CoinGecko stands at around $1.95 trillion, down 11.7% in the past 24-hours.
As the only country in the world that has passed Bitcoin as a legal tender alongside the United States dollar, El Salvador stands in the spotlight of the new world order.
As of reporting time, Bitcoin traded around $43,221.17, down 8% in the past 24-hours. Ethereum on the other side traded around $3,023.00, down 9.7% in the past 24-hours. Worth noting, Tether (USDT) has experienced a 49% volume spike to $83,839,671,437, higher than its market cap according to Binance-backed Coinmarketcap.
According to a historical study of the crypto market and its behaviors, the stablecoin market tends to have a higher volume during the higher crypto assets’ bear market. Most of the time the same money is observed to be reused in purchasing the dips, an indication of high trading volume by both institutional and retail investors.
El Salvador and the BTC Market
El Salvador passed the law to adopt Bitcoin as legal tender alongside the United States dollar back in June. After which the country through its legislative arm passed to have $150 million reserves to help facilitate the process of Bitcoin adoption. Among them is to provide liquidity to its Chivo wallet users, thereby making Bitcoin usability in the country seamlessly with the United States dollar.
The country through its President had warned of incoming ‘fud’ stories and urged investors and citizens to remain focused. Last month, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency. Worth noting, the country previously announced that the crypto market will be opened to businesses and investors by 2022.