El Salvador Buys The Dip Again, Adds 100 More Bitcoin To Its Coffers

El Salvador acquired 100 more bitcoin, President Bukele announced on Friday, while the price of the largest digital asset by market-cap fell near $54,000.

The president took it to Twitter to announce the purchase.

“El Salvador just bought the dip.

100 extra coins acquired with a discount.”

El Salvador just bought the dip.

100 extra coins acquired with a discount ?#Bitcoin ??

— Nayib Bukele (@nayibbukele) November 26, 2021

Bitcoin price dropped around 8% on Friday to $54K levels, as broader crypto market crashed amid new COVID-19 variant fear.

Bitcoin officially became legal tender in El Salvador 7 September 2021, three months after the country’s legislature passed the Bitcoin Law.

Bukele has championed the adoption of bitcoin, arguing it will help millions of Salvadorans living abroad send remittances back home. He has also said it will bring financial inclusion, investment, tourism, and development.

Naturally the International Monetary Fund (IMF) and other Bretton Woods financial institutions believe that El Salvador should not use bitcoin as legal tender, citing risks related to the cryptocurrency.

But, could the real reason be that if smaller nations – that currently rely on support of these major financial institutions – can gain wealth through new financial instrument such as Bitcoin, these financial superpowers are not so powerful anymore?