He took advantage of the rapid drop in prices. The president of El Salvador has bought more bitcoins, people call him a dictator and burn machine guns

The Central American country has decided to plunge fully into the cryptocurrencies. After officially recognizing bitcoin as currency earlier this month, another decision was made by the president to buy coins. Although Bitcoin did not meet with a warm welcome in El Salvador, President Nayib Bukele bought another million-dollar coin. He took advantage of the fall in the price of bitcoin, he informed Bloomberg.

Bitcoin did not meet with recognition in El Salvador. However, the president used a dip

A few weeks ago, El Salvador became the first country in the world to recognize bitcoin as official currency. However, this fundamental change in the country’s financial system was welcomed only by cryptocurrency enthusiasts, with the majority of the population condemning bitcoin immediately after its introduction. On the first day after the bitcoin law, which was approved by the local government in June, came into force, there were major protests in the country.

According to SITA, on the first day he indicated what bitcoin had caused. There were protests from the angry population and technological mistakes, which also had a global impact and caused a fall in the value of the cryptocurrency, which had been above $ 50,000 for a few days. The intelligence informed about it portal BBC.

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As Salvadoran opposition politician Johnny Wright Sol said, one of the poorest countries in Latin America lost $ 3 million immediately. However, even this did not prevent the country’s president from expanding his bitcoin supply later. “We just bought a dip, “Bukele wrote on Twitter.

Following the fall in the price of cryptocurrencies in recent days, Bukele took advantage of the situation and bought another 150 bitcoin coins for El Salvador worth about $ 6.7 million. In total, the country currently holds 700 cryptocurrency coins.

Meanwhile, since El Salvador introduced bitcoin, the cryptocurrency has lost about 16% in price and is currently selling at about $ 43,200 at the time of writing, the lowest value since early August.

Residents burn vending machines and call the president a dictator

Many criticize Bukele’s decision, and investment in a highly volatile cryptocurrency has not met with recognition in the country. Critics call the president of El Salvador a “dictator.” In the spring of this year, he even changed his bio description on Twitter, where he described himself as “Dictador de El Salvador”.

The purchase and introduction of bitcoin in the country has been the target of criticism for a long time. According to Bukele, critics should only serve to mask the real financial situation in El Salvador, which is one of the worst. The country is according to the World Bank in the curtain behind Uruguay in the ranking of income inequality throughout Latin America and the Caribbean.

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Investing in bitcoin at a time of falling prices may seem like a bargain, but such a move will not save the state’s declining economy. This is evidently realized by the residents themselves, who, during recent protests, set fire to one of the bitcoin vending machines, thus expressing their disapproval of its introduction. According to Bukele, however, 1.1 million out of 6.8 million people in the country already use a bitcoin wallet, and they also have more than 200 vending machines at their disposal.