Bitcoin flash crashes to $43,000, El Salvador buys the dip again with 150 coins
Bitcoin plunged to $43,000 in the late hours of the 7th, catching the market off guard, triggering a massive wave of liquidations totaling over $3.54 billion. However, the happiest at this moment is none other than El Salvador.
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El Salvador's Bitcoin Law has just come into effect, and we see this wave of flash crash. President Nayib Bukele confirmed buying 150 bitcoins again at the dip.
Buying the dip π
150 new coins added.#BitcoinDay #BTCπΈπ»
β Nayib Bukele (@nayibbukele) September 7, 2021
Shortly after the tweet about buying the dip was posted, Nayib Bukele stated that the "discount on Bitcoin is about to end" and indeed rebounded to $47,000. He also taunted the International Monetary Fund (IMF), saying that the IMF helped his country buy Bitcoin, "saving 1 million in printing paper."
It appears the discount is ending π₯²
Thanks for the dip @IMFNews. We saved a million in printed paper.
El Salvador now holds 550 bitcoin.#BitcoinDay #BTCΒ πΈπ»
β Nayib Bukele (@nayibbukele) September 7, 2021
It is well known that institutions like the International Monetary Fund and the World Bank strongly oppose El Salvador's adoption of Bitcoin as legal tender.
The Salvadoran government currently holds 550 bitcoins, which, at the current price, is valued at around $25.3 million.