El Salvador celebrates Black Friday, buys 100 BTC for 20% off

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On Black Friday El Salvadorians were given the opportunity to buy Bitcoin for a 20% discount. The event was meant to be an experiment in cryptocurrency retail and if it can help bring more crypto into circulation.

El Salvador celebrates Black Friday, buys 100 BTC for 20% off. El Salvador has been a popular destination for crypto enthusiasts because of the low fees and tax-free environment.

El Salvador celebrates Black Friday, buys 100 BTC for 20% off

El Salvador’s President, Nayib Bukele, took advantage of the price reduction today, investing more than $5 million in Bitcoin.

El Salvador’s president announced in a Friday tweet that he had acquired 100 Bitcoin (BTC) after a worldwide market sell-off in reaction to the discovery of a new COVID-19 strain in South Africa. Bitcoin has dropped more than 20% after hitting an all-time high of $69,000 on November 10th, according to statistics from Cointelegraph Markets Pro, to $54,343 at the time of publishing, an 8 percent decline in less than 24 hours.

El Salvador has recently purchased the dip.

100 more coins obtained at a bargain #Bitcoin 

November 26, 2021 — Nayib Bukele (@nayibbukele)

El Salvador would be making a large BTC purchase, according to Bukele, on the eve of the country’s Bitcoin Law taking effect on Sept. 7, when the price was about $52,000. He’s tweeted each time the government bought bitcoin at a low price, with the nation owning 1,120 BTC before the most recent acquisition. El Salvador now has BTC worth around $66.3 million thanks to the arrival of the 100 coins today.

El Salvador celebrates Black Friday, buys 100 BTC for 20% offFollowing reports of a new COVID-19 variation in South Africa, the price of Bitcoin fell by more than 8%. TradingView is the source of this information.

Bukele has suggested many measures in El Salvador concerning adoption and mining after initially unveiling legislation aimed at making Bitcoin legal cash in June. The government has begun building the infrastructure needed to support Chivo, the government-issued Bitcoin wallet, and has lately announced intentions to build its own Bitcoin City at the foot of a volcano, first financed with $1 billion in Bitcoin bonds. 

El Salvador plans to create 20 “Bitcoin Schools” using funds from the Bitcoin Trust.

Many Salvadorans have spoken out against cryptocurrency schemes, particularly Bukele and Bitcoin. Residents marching through the capital city in September damaged the ruins of one of the Chivo kiosks with anti-BTC emblems and placards. Demonstrations against the Bitcoin Law have also been held by the country’s Popular Resistance and Rebellion Block, as well as a group of retirees, veterans, disability pensioners, and other employees. 

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Emilia James
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