El Salvador Adds 100 More Bitcoins Amid the Market Fall

by in Cryptocurrency News

El Salvador purchases more Bitcoins

While prices of cryptocurrencies saw a decline yesterday, investors are considering buying more crypto with discount.

Related: El Salvador Acquired 420 More Bitcoins

On Nov. 16, the president of El Salvador, Nayib Bukele informed followers that the country purchased 100 extra Bitcoins. The previous purchase was on October 28, when El Salvador bought 420 Bitcoins, thus making the overall number of its BTC owning 1.120.

A few days ago, during his speech at Bitcoin Week in El Salvador, Bukele revealed intentions to create a Bitcoin city. To power BTC mining, they are going to use the Conchagua volcano as a natural energy source.

As said, the city will have everything that the residents will need. El Salvador's Bitcoin policy has been discussed a lot.There are supporters as well as critics. Recently, Andrew Bailey, the governor of the Bank of England expressed his concerns mentioning Bitcoin volatility.

American stockbroker Peter Schiff commented on the recent purchase, saying it's unfortunate for Salvadorians, and asked how many dips they would buy before cutting losses.

Trending: Finder: Bitcoin could hit $80,000 by 2025

Meanwhile, El Salvador has already benefited from accepting BTC as a legal tender and buying Bitcoins.