The President is very capable! Celebrating Black Friday, El Salvador once again buys 100 more Bitcoins at a low price.

Global stock markets plunged due to the new variant virus, causing Bitcoin to also sharply pull back, dropping to as low as $53,637. However, Salvadoran President Nayib Bukele is not afraid, as he once again bought Bitcoin on the dip. When the price of Bitcoin fell below $54,000 on Friday, he purchased 100 Bitcoins for $5 million.

As of now, El Salvador holds 1,220 bitcoins, valued at approximately $66.3 million based on the price of $54,000 per bitcoin.

Nayib Bukele tweeted that he bought 100 bitcoins as a dip when global markets panicked and sold off due to the new variant of COVID-19 in South Africa.

El Salvador just bought the dip.

100 extra coins acquired with a discount 🥳#Bitcoin 🇸🇻

— Nayib Bukele (@nayibbukele) November 26, 2021

Since reaching a historic price of $69,000 on November 11th, Bitcoin has now retraced to $54,343, a drop of 8% in less than 24 hours.

Nayib Bukele is known for buying the dip, entering the market and tweeting whenever the price of Bitcoin falls.

Since announcing in June that El Salvador would adopt Bitcoin as legal tender alongside the U.S. dollar, a series of policies have been put forward. Two weeks ago, Nayib Bukele unveiled a more concrete plan to transform El Salvador into the "Singapore of the Americas," including the launch of a $1 billion Bitcoin bond and the creation of a "Bitcoin City" centered around Bitcoin to attract more businesses to El Salvador.

However, there are still many opposing voices to the crypto initiative in El Salvador. In September, a significant protest took place in the capital, including the destruction of a Chivo Bitcoin ATM. Additionally, international opposition continues to be vocal. Even after El Salvador announced the issuance of a $1 billion Bitcoin bond, the International Monetary Fund (IMF) strongly expressed its opposition and advised against it.

This article is authorized to be reproduced from Horizon News Network