El Salvador’s President Promotes Buying the Dip as Bitcoin Price Tumbles

Nayib Bukele, President of El Salvador, has advised citizens to “buy the dip”. He tweeted that his government had recently purchased 150 Bitcoins, increasing its total holdings to 700 coins. Bukele offered some “presidential advice” and said that Bitcoins purchased during a price crash were the best way to fight inflation. Bukele, 40, who is a prolific social media user, was a strong proponent of the largest cryptocurrency. He made El Salvador the first country to legalize Bitcoin.

After some initial difficulties, the rollout Bitcoin has been relatively stable. However, Chivo, the government’s digital wallet that allows citizens to transact in Bitcoins has faced frequent problems. Although some users claimed they could pay for goods or services using the cryptocurrency, protests have been raised by people who aren’t confident with virtual currencies.

We have just purchased the dip.

150 new coins

El Salvador now holds 700 coins.#Bitcoin??????? ?

– Nayib Bukele ???????? (@nayibbukele September 20, 2021

El Salvador currently holds 700 Bitcoins worth more than $32.5 million, or roughly Rs. 239 crores worth of cryptocurrency coins. Bukele’s tweets were made at a time when Bitcoin’s value has fallen significantly since El Salvador adopted it. Bitcoin had crossed the $50,000 mark (roughly Rs. 36.83 Lakhs Bitcoin prices in India were around 34.68 lakhs on Tuesday ($47,000).

His second tweet seemed to place Bitcoin, which is now trading at a discount as a safe bet for inflation.

If you purchase the dips, they will never be able to beat you.

– Nayib Bukele ???????? (@nayibbukele September 20, 2021

Bukele seemed to mock his critics, who had accused him of concentration. He claimed that his suggestions were ‘presidential advise’.

President Bukele stated earlier this month that more than half a billion people used the Bitcoin wallet in El Salvador. El Salvador is a country with 6.6 million inhabitants. He said that Chivo’s technical issues had been mostly fixed and that the wallet will be fully functional within days.

According to the government, the Bitcoin rollout will allow many El Salvadorans to have access for the first-time to banking services.