El Salvador buys 200 Bitcoins in a crypto market crash

El Salvador buys 200 Bitcoins in a crypto market crash 2

El Salvador again took advantage and added 200 Bitcoins to the government treasury fund. 

El Salvador is the first country in the world, which adopted Bitcoin as a legal tender. Legally, El Salvador adopted Bitcoin as Currency on 7 September of this year. After every crash, El Salvador bought Bitcoins. 

On 4 December, the crypto market crashed and that resulted in a big crash in the flagship assets by a big difference. Bitcoin touched around $42,000. In this crash, the republic of El Salvador bought around 150 Bitcoins and then again 50 Bitcoins more. 

Nayib Bukele, president of El Salvador, announced this information on Twitter. 

So, now El Salvador holds around 1,320 Bitcoins. And the worth of these coins is around $60.3 million at the current price of Bitcoin. 

At the time of writing this article, the price of Bitcoin is $46,519. And currently, Bitcoin is down by more than 18%. 

Tron founder following El Salvador 

Tron network founder Justin Sun also bought around 100 Bitcoins in this crash and tagged El Salvador’s president and said that they want to match with El Salvador. But later, El Salvador’s president Nayib said that Justin needed to buy 50 Bitcoins more, and also Justin did the same. 

El Salvador, Tron founder Justin Sun and Microstrategy firm all these are following the same concept to buy Bitcoins, that is market crash. 

El Salvador moving toward the next level of Bitcoin adoption 

Besides the Bitcoin adoption as a legal tender in El Salvador, the country is moving toward a big initiative to adopt Bitcoin.

On 21 November, El Salvador president Nayib Bukele announced the BitcoinCity launch to bring the funding for Bitcoin mining and adoption of Bitcoin to the next level. 

Read also: FTX Wants to elect Primary Crypto Regulator Option

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