Bitcoin, a new bloodbath. But El Salvador continues to buy BTC

El Salvadorthe Central American country known for embracing bitcoinsas a legally recognized currency alongside the US dollar, decided to buy another 410 Bitcoins to add to its reserves after the cryptocurrency was the protagonist of a drop in its value below 37 thousand dollars (and at the time of writing this article, BTC is hovering around 35 thousand dollars), an area prices never touched in July last year.

The Central American country embraced Bitcoin on September 7, 2021: President Nayib Bukele, a staunch supporter of cryptocurrency, sees in Bitcoin the possibility of overcoming high inflation in the country. In recent months, El Salvador has accumulated a total of 1801 BTC, purchased at different stages and always when the market has seen price drops.

The last purchase of 410 BTC made in the last few days was for an equivalent value of $15 million, with an average price of $36,585. Bitcoin hit its all-time high of nearly $69,000 in early November, only to then take a decisive downtrend, losing 50% of its value to date.

In any case, the view of the cryptocurrency market remains positive., one of the best-known exchange services, says the market will see one billion user participation by the end of 2022also due to the fact that various developing countries will follow El Salvador’s lead in allowing Bitcoin to be used in the real economy.