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El Salvador increases its investment and buys the dip

El Salvador

The moment the price of Bitcoin went under $46k, El Salvador made the most of it and bought a considerable amount of tokens.

Following a bullish week, Bitcoin’s price fell below $46,000 on Monday morning. Shortly after, President Nayib Bukele announced El Salvador had bought the dip and purchased another 150 bitcoins. “They can never beat you if you buy the dips,” was written on his personal Twitter. 

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And then the official news came: “We just bought the dip. 150 new coins! El Salvador now holds 700 coins.” The government now holds 700 BTC worth about $32 million at the time this article was written.

el salvador

Things are changing fast in the Central American country. After establishing 201 ATMs in only a month, it now ranks third in Bitcoin ATM installations. Positioned behind the United States and Canada, El Salvador holds 70% of the total amount of crypto machines in South America.

Last week, Bancoagrícola, the largest bank in El Salvador, announced it is now accepting Bitcoin payments from its clients. They can use the virtual currency to pay for credit card debts, mortgages, and other services. To integrate the new solution into its network, Bancoagrícola collaborated with Flexa.

“We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”

Bancoagrícola

Flexa will also be part of Bancoagrícola’s network of PoS, which will permit clients to receive Bitcoin payments. The bank has over 1,000 customer attention points in El Salvador and counts about 5,400 employees.

Foreign investors who take up residence in El Salvador will now be exempt from taxes on Bitcoin profits. At least, this is what a government advisor announced a few days ago. “If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”

We just have to wait and see what will happen next in El Salvador, but it will surely be exciting for all crypto enthusiasts.


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