The Government of El Salvador bought another 150 bitcoins (BTC) this Tuesday, September 7, worth about USD 7 million. The announcement was made on Twitter by President Nayib Bukele himself on #BitcoinDay, a hashtag used on the microblogging
network in reference to the adoption of the cryptoasset as legal tender.
came after bitcoin posted a steep drop of more than 14%, pushing it below USD 45,000 after it surpassed USD 52,000 for the first time in the last 4 months on Monday.
“Thanks for the dip (dip),” Bukele noted using bitcoiner jargon that refers to buying BTC when the cryptocurrency’s price retreats to take advantage of the discount. He directed his thanks to the International Monetary Fund (IMF) accompanying with the phrase: “we saved a million in printed paper. El Salvador now has 550 bitcoins.”
In the past, the president has referred
to the high cost that the government assumes when exporting dollars in cash and bringing them into the country from the United States. On that, he has said that bitcoin adoption is much cheaper. Bukele has said that bitcoin adoption allows access to financial services to those who do not have a bank account. Source: Screenshot /Twitter.
last June, the IMF said that “the adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues.”
It is clear from his commentary that Bukele does not agree with the international body’s approach, especially if he has already distanced himself by adopting a protocol that encourages savings. In doing so, he also dismissed the observations the entity made earlier this
year when it recommended that planners around the world adopt an expansionary fiscal and monetary policy.
“My message is ‘please spend,’ spend as much as you can, and then spend some more,” IMF managing director Kristalina Georgieva said at the time.
This Tuesday, several players in the ecosystem supported the bitc comment.
oiner of Bukele. One of them was market analyst Willy Woo who said: “cash is junk, gold is old”. He seems to indicate that bitcoin is one of the few alternatives that exist today when it comes to hedging against monetary issuance.
Woo’s comment is also directed at bitcoin critic and gold maximalist Peter Schiff who told Bukele: “Be careful what you wish for. The [BTC] crash may end up being much bigger than expected!”.