Even when the cryptocurrency markets tumble, El Salvador continues to buy the drop in Bitcoin (BTC). El Salvadoran President Nayib Bukele recently revealed that his country had purchased an extra 500 bitcoins for an average $30,744. According to Bloomberg figures, the country has now purchased 2,301 Bitcoin for $103 million. That trove is currently worth only $66.9 million, with BTC trading at $29,027 at writing.
El Salvador became Bitcoin legal tender in September of last year and has regularly amassed BTC in the treasury. Thousands of people have gathered in the streets around the country to oppose the BTC policy and others implemented by President Bukele.
The International Monetary Fund (IMF) condemned the programme, urging that the Central American country revoke BTC’s position as an official currency in January.
According to the global financial organization,
“The usage of Bitcoin carries significant risks to financial stability, financial integrity, consumer protection, and fiscal contingent liabilities.”
Some board members were also concerned about the hazards of issuing Bitcoin-backed bonds.”