Despite the very sharp drop in the price of Bitcoin in recent months, witness El Salvador continues to support Bitcoin Are. The President of El Salvador has confirmed this.
Despite the very sharp drop in the price of Bitcoin in recent months, witness El Salvador continues to support Bitcoin Are. The President of El Salvador has confirmed this.
El Salvador was the first country that Bitcoin introduced as the official currency of the country. But the downward market conditions lead to a very unfavorable situation of the average price Buy Bitcoin It has happened for El Salvador and it is inevitable that the country will turn to buying more Bitcoin at a lower price to compensate for the loss.
Country El Salvador September 2021 (September 1400) Bitcoin as a Official currency known and has remained in his opinion until today. El Salvador currently has about 2,381 Bitcoin coins in its possession, and the value of these assets at the time of purchase was about $103 million.
Read more: Bitcoin in 2023; BTC price prediction, future and roadmap
El Salvador continues to support Bitcoin despite a sharp price drop
Based on published public records, the country of El Salvador 2381 units of Bitcoin Buy at the average price 43 thousand dollars has purchased Due to this heavy fall of Bitcoin, El Salvador with a cost of nearly 103 million dollars now has a capital of 40 million dollars, which indicates a 60% loss for this country.
Actually Decline in the market value of cryptocurrencies It has caused the value of El Salvador’s investment to decrease by more than 40 million dollars. Meanwhile, with the recognition of the king of the cryptocurrency market in this country, the buying process started, but with the beginning of the bear market, the buying process was stopped by El Salvador.
Now, it seems that this procedure has been resumed with the new announcement of the president of this country, and one bitcoin is going to be added to the total assets of this country every day. According to the announcement Viceroy of Bokelethe president of El Salvador, the resumption of this procedure has been on November 16 (November 25).
We can understand the issue of El Salvador suffering only in a certain superficial view without a deeper vision. But a significant reduction in the cost of cross-border remittances as well as the prosperity of the tourism sector are two solutions that will be able to compensate a significant part of this loss. Also, El Salvador’s re-purchase of Bitcoin at the price floor can lead to a significant increase in the value of the country’s Bitcoin capital in the coming months.
the beginning Buy Bitcoin from El Salvador After about 3 months, the stop has started again and just unlike the previous buying period when the market was in an upward trend, this time the purchase is made at one of its lowest prices.
Also, reports indicate that Bitcoin is accepted as a payment method in many tourist spots of this country, but mobile applications and services still need more development and improvements for easy use by the general public.
Read more:
Your opinion about El Salvador continues to support Bitcoin What is? Share your thoughts with us in the comments section Technology News With duplicate follow.