Despite warnings from global organizations about the adoption of Bitcoin (BTC), El Salvador’s government has continued to open up market opportunities.
Bitcoin fell below 46 46,000 on Monday morning Announced The country “bought the dive,” it said on Twitter. With 150 new currencies, the Central American government now holds 700 BTC, valued at close to 32 32 million at the time of writing.
In clear agreement with deniers of “not financial advice” shown around the crypto ecosystem, Buckle recalled his “presidential advice” saying that “if you buy dives, they can never lose you.”
– Naib Buklele (ay Naibbuklele) September 20, 2021
As reported by Cointelegraph, El Salvador BTC bought another dip on the day of the legal tender in the country, when Bitcoin experienced a flash crash below $ 43,000.
The crypto universe was excited about El Salvador’s move, especially with potential tax exemptions for bitcoin investors. However, the government’s decision to accept Bitcoin as a legal tender is not entirely problem-free.
In addition to protests and rallies against the government’s bitcoin move, credit rating agency Standard & Poor’s Global said the adoption country’s credit rating had an “immediate negative impact”. The S&P also claimed that the move would hurt El Salvador’s chances of securing a $ 1 billion deal from the International Monetary Fund.
Related: El Salvador’s Bitcoin Day: The first or one-off of many?
El Salvador made history by becoming the first country to recognize bitcoin as a legal tender in September. Then the government organized B00 BTC. Taking advantage of two price reductions in two weeks, buying 150 currencies each time, El Salvador raised its bitcoin holding to 700 BTC.