The Government of El Salvador bought another 150 bitcoins (BTC) this Tuesday, September 7, for a value of around USD 7 million. The announcement was made on Twitter by the president Nayib Bukele himself in the # BitcoinDay , a tag used in the microblogging in reference to the adoption of cryptoassets as legal tender.
A day earlier, the Central American country bought its first 400 bitcoins and this Tuesday the Government made a new acquisition to complete 550 BTC . The announcement came after bitcoin registered a steep drop of more than 14%, which took it below $ 45,000 after it surpassed $ 52,000 on Monday for the first time in the last 4 months.
“Thanks for the dip,” Bukele noted using bitcoiner lingo that refers to buying BTC when the price of the cryptocurrency falls back to take advantage of the discount. He addressed his gratitude to the International Monetary Fund (IMF) accompanying with the phrase: “we saved a million on printed paper. El Salvador now has 550 bitcoins ”.
In the past, the president has referred to the high cost that the Government assumes when exporting dollars in cash and bring them into the country from the United States. On this, he has said that the adoption of bitcoin is much cheaper.
As reported by CriptoNoticias last June, the IMF said that “the adoption of bitcoin as legal tender raises a series of macroeconomic, financial and legal problems ”.
From your comment it is evident that Bukele does not agree with the approach of the international organization , especially if you have already marked distance by adopting a protocol that encourages savings. In doing so, it also dismissed the remarks the entity made earlier in the year when it recommended that planners around the world adopt an expansionary fiscal and monetary policy.
“My message is ‘please, spend’, spend as much as you can, and then spend a little more,” said the managing director of the IMF, Kristalina. Georgieva.
This Tuesday, several ecosystem actors supported Bukele’s bitcoiner comment. One of them was the market analyst Willy Woo who said: “cash is garbage, gold is old.” He seems to indicate that bitcoin is one of the few alternatives that exist today when it comes to protecting against monetary issuance.
Woo’s comment is also directed at bitcoin critic and gold maximalist Peter Schiff who told Bukele: “Be careful what you wish for. The fall it may end up being much larger than expected! ”
