Big picture: El Salvador seems to be doing the right thing about the adoption of Bitcoin as the official national currency, but so far the community’s feelings have not been mutual. Will his last trick pay off?
In just one day of the experiment, which officially began on September 8, Bitcoin fell from over $ 53,000 to $ 46,500, according to Coindesk. The value recovered slightly over the past week and a half, but fell again over the weekend. El Salvador saw this as a great opportunity to set the time for the market.
We just bought a dip.
150 new coins!
There are now 700 coins in El Salvador.# Bitcoin🇸🇻
– Naib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
Late Sunday night, El Salvador’s President Nayib Bukele said his country had just “bought a flop” by adding 150 extra bitcoins to its assets. In total, the country owns 700 bitcoins, which is about $ 30.8 million at the current trading rate of $ 43,964.59.
“Buy fail” and other catch phrases are common on Reddit, Twitter and other social platforms where people try to advertise their preferred cryptocurrencies. We even saw Elon Musk and other celebrities participate in this action, but there is something completely different about it when the president of the country does it.
Replying to his own message, Bukele added: “They can never beat you if you buy sauces.”
Of course, if it were that easy, everyone would be doing it. The obvious problem here is that without a crystal ball or some other inside information, you never know when a failure will actually happen until it happens. Cryptocurrency’s notorious volatility only adds risk to the equation, further exacerbated by the fact that government money is at stake.