El Salvador Celebrates Black Friday, Buys 100 BTC For 20% Off
With the addition of the 100 coins today, El Salvador holds 1,220 BTC, worth roughly $66.3 million following the crypto asset’s drop to the $54,000.
In a Friday tweet, El Salvador's president said he had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. According to data from Cointelegraph Markets Pro, since reaching an all-time price of $69,000 on Nov. 10, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.
Every single time El Salvador has pushed the buy button, a tweet from the nation’s president announcing the decision has followed.
Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.
Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs. The country's Popular Resistance and Rebellion Block as well as a group consisting of retirees, veterans, disability pensioners and other workers have also conducted demonstrations against the Bitcoin Law.