El Salvador Continue to Buy Bitcoin Despite Crypto Sell-Offs
El Salvador remains the only country that made Bitcoin a legal tender despite facing strong advice from the IMF and the World Bank against this transition. The country continues to build new projects around Bitcoin, such as the Chivo crypto wallet, which is a state-controlled wallet app available for every citizen of El Salvador where they can stash their Bitcoin or use it for crypto trading. Not only this, but there are some educational institutes being developed within the country that would provide literary services to the citizens so they could learn about crypto trading and adopt it as a profession.
Other than this, El Salvador has accustomed itself to the habit of buying every Bitcoin dip it can get its hands on. Today was the Black Friday sale where retailers slashed prices of products and items so they could create a shopping frenzy; Bitcoin saw a chop down of prices too. Today the price of Bitcoin plummeted by 9%, which sent the cryptocurrency down $55K resistance level and not keeping steady with the global market sell-off as the price continues to dwindle even now.
Due to the very reason that the global market sell-off took place on the Black Friday sale, multiple jokes and memes around Bitcoin came out on the internet and social media platforms about Bitcoin being actually on sale regarding Black Friday. This is an opportunity that institutional investors didn’t let slip from their hands, and they made sure of it. El Salvador also took the chance and liberty of buying 100 Bitcoin tokens on this Black Friday sale event that was being hyped like crazy. In recent October, El Salvador acquired 420 bitcoins which were worth $26 million, as the president of El Salvador reported on Twitter.
This is a try on El Salvador’s behalf to build its Bitcoin treasury because it is a legal tender within the country, so El Salvador is not allowing any opportunity to pass away, which entails buying more Bitcoin. It seems to be the beginning of the Black Friday event for conventional and E-commerce markets, and possibly Bitcoin will remain on the shelf for keen investors to grab as the current situation of the crypto market is not something that is making any sense.
