Despite warnings from global agencies regarding its adoption of Bitcoin (BTC), El Salvador\u2019s government continues to seize market opportunities.\u00a0<\/p>\n
As the Bitcoin price fell below $46,000 on Monday morning, Salvadoran President Nayib Bukele announced on Twitter that the country has \u201cbought the dip.\u201d With 150 new coins, the Central American government now holds 700 BTC, worth close to $32 million at the time of writing.<\/p>\n
In an obvious nod to the \u201cnot financial advice\u201d disclaimers shown around the crypto ecosystem, Bukele shared his \u201cpresidential advice\u201d by reminding, \u201cThey can never beat you if you buy the dips.\u201d<\/p>\n
As reported by Cointelegraph, El Salvador bought another dip on the day BTC became legal tender in the country, when Bitcoin experienced a flash crash to below $43,000.<\/p>\n
El Salvador\u2019s move toward adoption got the crypto universe excited, especially with the possible tax exemption for Bitcoin investors. However, the government\u2019s decision to adopt Bitcoin as legal tender is not totally free of problems. <\/p>\n
https:\/\/www.youtube.com\/embed\/4DhWzl-Kiso<\/p>\n
Aside from protests and marches against the government\u2019s Bitcoin move, credit rating agency Standard and Poor\u2019s Global said that the adoption \u201chas immediate negative implications\u201d for\u00a0the country\u2019s credit rating. S&P also claimed the move would hurt El Salvador\u2019s chances of securing a $1-billion loan agreement from the International Monetary Fund.<\/p>\n