Bukele steps up El Salvador's bet on sliding bitcoin; buys another 150 coins
SAN SALVADOR, Dec 4 (Reuters) - El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency's value slumped again, enlarging his bet on the cryptocurrency despite criticism.
Bitcoin, the world's biggest and best-known cryptocurrency, is down about 30% from the year's high of $69,000 on Nov. 10. Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening.
Late on Friday, Bukele announced the government had stepped into the market again.
"El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670," Bukele wrote on Twitter.
Until Nov. 26, El Salvador had 1,220 bitcoins.
In September El Salvador became the world's first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions.
The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency.
Reporting by Nelson Renteria; Writing by Drazen Jorgic; Editing by Daniel Wallis
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.