Bitcoin News

El Salvador Continues to Buy Bitcoin Despite IMF Warning

Experts argue that the flagship currency prices went into correction due to the massive sell-off created by the recent COVID-19 variant discovery. However, the prices dip also coincides with another global event directed at shopping.

The president of El-Salvador, Nayib Bukele, has taken to Twitter to announce that the government has bought from the dip and added more Bitcoin to the national reserve. It is worth noting that El-Salvador is the first country in the world to register Bitcoin as a legal tender.

The government of El-Salvador has big plans for Bitcoin despite getting warnings from the IMF about venturing into the crypto industry. However, President Bukele has once again boldly posted on Twitter that the country has acquired 100 Bitcoins that are worth $5.4 million to the national reserve.

Bukele also claimed that he has ventured to purchase with a discount. The recent decline in Bitcoin prices is mostly dismissed by the long-position holders. The global shopping event on Nov. 26th that is also known as the Black Friday sale around the world, coincided with the latest Bitcoin price correction, and the netizens trolled the event on social media platforms.

New Clean Energy Crypto Mining Project Powered by Volcano

The government of El-Salvador recently announced that the country is going to set up a new volcano-based power plant to generate additional clean energy resources for Bitcoin mining. The Salvadorian government has also announced the issuance of a new $1 billion Bitcoin bond to fund the new Bitcoin city in the region.

In October, Bukele posted about the acquisition of 420 Bitcoins to the national reserves that are valued at $26 million at that time. The government has partnered with Blockstream to facilitate the issuance of the Bitcoin bonds and move one step forward in becoming the first independent nation to be run on a Bitcoin-based monetary system.

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