Bitcoin starts this week with a significant price drop. The price fell more than 7% from a daily high of $48,230 to a daily low of $44,600. The price drop came as a great buying opportunity for El Salvador. President Nayib Bukele has announced on Twitter that the country has bought another 150 BTC worth $6.8 million.
We just bought the dip.
150 newcoins!
El Salvador now holds 700 coins.#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
Bitcoin’s Integration into El Salvador Has Been Anything But Easy
El Salvador now owns a total of 700 Bitcoin which they started buying in September. With the price dropping today, the president advises that people should not panic, but just buy extra BTC.
El Salvador passed the Bitcoin law in June this year and made it legal tender on September 12. However, the adoption of the digital currency has not been seamless. First, major parties such as the World Bank and IMF warned the country of disastrous consequences for their economy due to the adoption of BTC. They also refused to assist the country with the technical integration of Bitcoin as legal tender. Later, several rating agencies, including Fitch and Moody’s, lowered Salvador’s credit rating.
In addition, a large part of the inhabitants of the country are not happy with the Bitcoin law. This has caused major protests in the country. Despite these protests, Bukele claimed most of the residents are happy with the decision. He wrote that a lot of people are already using BTC for their daily needs. Bukele also stressed that the total number of downloads on the official Bitcoin wallet app Chivo crossed the half-million mark within two weeks of approval.
Today’s crypto dip, despite Bukele’s advice to buy more BTC, does not seem to be over yet. The price of 1 Bitcoin at the time of writing is around $44,700, meaning the price is down more than 7 percent today. Altcoins have it even harder. For example, the Ethereum price has fallen by 9% and Ripple even loses more than 11% of its value.