Bitcoin News and Finance
First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country’s BTC Stash Grows Skip to main content

First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country’s BTC Stash Grows

First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country’s BTC Stash Grows

Bitcoin is now legal tender in El Salvador, and the country’s bitcoin stash has grown to 550 coins. The Salvadoran government started buying the cryptocurrency Monday ahead of the Bitcoin Law taking effect. On Tuesday, President Nayib Bukele said El Salvador bought the dip.

El Salvador Buys More Bitcoin

El Salvador’s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC a national currency alongside the U.S. dollar.

El Salvador has been buying bitcoin ahead of the Bitcoin Law taking effect. President Nayib Bukele announced Monday that his government had started buying bitcoin. “El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches,” he wrote. A few hours later, he tweeted: “El Salvador just bought 200 new coins. We now hold 400 bitcoin.”

The price of bitcoin was rising leading up to the Bitcoin Law entering into force. However, it dipped around 11:00 a.m. EST on Sept. 7, falling from above $51K to below $43K. At the time of writing, the price stands at about $46,883.

After the price dipped, President Bukele tweeted: “Buying the dip. 150 new coins added.”

The Salvadoran president followed up with another tweet at 11:25 a.m. EST as the price of bitcoin stabilized at the $46K level. He wrote, “It appears the discount is ending. Thanks for the dip @IMFNews. We saved a million in printed paper,” adding:

El Salvador now holds 550 bitcoin.

The International Monetary Fund (IMF) has spoken against countries adopting bitcoin as legal tender on several occasions. In late August, IMF’s legal counsels said that cryptocurrencies, like bitcoin, came with “substantial risks” and are inadvisable as legal tender.

Sept. 7 got off to a bumpy start for El Salvador when users complained that the government’s bitcoin wallet app, Chivo, was unavailable on various platforms, including Apple and Huawei. When the app became available on Huawei, it was unable to cope with user registration, Bukele explained, adding that the government decided to unplug it in order to connect to more servers and increase capacity. The issue appeared to have been resolved at the time of writing.

What do you think about El Salvador buying the dip and growing its bitcoin stash? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory