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The flagship digital asset Bitcoin has seen a slight price drop and now touches the $45,000 price region. While many crypto enthusiasts have been hopeful regarding a price surge for Bitcoin, it hasn’t been seen in real-time yet.
Bitcoin has been experiencing some ups and downs after briefly touching the $50k price mark. It was also anticipated that El Salvador’s official adoption of the digital asset earlier this month would make a difference. However, the expectations were not met and instead the price of the cryptocurrency saw a decline.
Here is a graph by CoinGecko that shows the ups and downs in BTC’s price over the last month.
El Salvador’s initiative has seen its share of opposition as well, as many expected the economy of the country to be adversely affected. Despite the doubts, El Salvador continues to stand by its stance towards the flagship crypto asset.
Bitcoin recently saw a slight price drop as mentioned above. The Salvadoran government took advantage of the price drop and purchased another 150 BTC.
This can highlight the significance of the largest crypto asset and its position as a legal tender in the country.
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Details Regarding El Salvador’s Purchase
It has often happened that the major entities invested in Bitcoin accumulate it when it sees a drop in its price. El Salvador is now one of those entities as it has reportedly purchased the dip.
The Salvadoran President, Nayib Bukele, has been openly in favor of the top digital currency since he proposed the adoption of BTC as a legal tender.
El Salvador has taken a step further and purchased more BTC as the price declined to $45,000. Including the 150 BTC purchased by the Salvadoran government after the price drop, the country now holds 700 BTC in total.
The 150 BTC purchased are worth around $6.8 million at the time of the purchase.
President Nayib Bukele also took to Twitter to share the news and encouraged people to purchase the digital asset.
At the time of BTC adoption, El Salvador initially purchased 400 BTC. Before making this purchase, Congress also approved the creation of a $150 million BTC fund.
Can it Play Out in Favor of BTC?
Bitcoin has been in the spotlight for quite some time. Its adoption by El Salvador added to its prominence, despite some doubts and opposing sentiments. However, the Salvadoran government continues to walk on its path and has now invested more in the flagship crypto asset.
The adoption of Bitcoin has stirred up quite the controversy as many people have not been able to see its potential or the future of Salvador’s economy with digital currencies. As mentioned above, the price of the flagship crypto asset has also not improved after the Salvadoran BTC law.
Considering these facts, it is uncertain to say at the time if it will benefit Bitcoin or not. However, many investors and traders in BTC’s corner are quite optimistic.
Despite the controversy and doubts, Bitcoin is a significant cryptocurrency and if you want to purchase it make sure you opt for some of the best Bitcoin exchanges.
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