El Salvador President Purchased 100 Bitcoins After Global Market Sell-Off
Nayib Bukele, the President of El Salvador, has purchased 100 Bitcoin (BTC) after a global market sell-off in response to a new COVID-19 variant discovered in South Africa.
It has been reported that according to some data, since reaching an all-time price of $69,000 on November 10, Bitcoin has fallen more than 20% to reach $54,343 as of November 26, an 8% drop in less than 24 hours.
However, Bukele first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect on September 7, buying 200 BTC when the price was around $52,000.
The report said that Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.
Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.
Thus, the country's Popular Resistance and Rebellion Block as well as a group consisting of retirees, veterans, disability pensioners, and other workers have also conducted demonstrations against the Bitcoin Law.