El Salvador’s President Publicly Cashes In On Bitcoin Dip

As El Salvador’s bitcoin experiment went live, the BTC nosedive wasn’t bad news for everyone.

Dardania Havolli
September 9, 2021
Blockchain News

Presidential Preference

As social media went into meltdown after bitcoin’s price fell from over $52,000 to just over $42,000 on Tuesday, according to CoinMarketCap, one man wasn’t deterred. Amid a day of tremendous pressure, Nayib Bukele, El Salvador’s president, sought to reassure his people of the move.

Bukele took to Twitter to outline his confidence and belief in crypto. 

“Buying the dip,” Bukele stated on Twitter. “150 new coins added.”

Many will wonder what those 150 coins could be. But the President’s enthusiasm paints an intriguing picture, even in the face of protests, according to the BBC. Some on Twitter even bought $30 of BTC in support of the country.


Lending a Technical Hand

The country’s population quickly jumped onto the ‘Chivo’ wallet, designed with the idea of offering $30 worth of bitcoin for local users. Hours later, there were technical issues due to a lack of server capacity. 

Seemingly in response to the technical issue, President Bukele replied via Twitter: “Those of you who have downloaded @chivowallet and are still not registered, can you do us the favour of trying to register and put in the comments if there is any error or if the process works well?”

The President has staked a lot on bitcoin, and I’m not just talking about money. With protesters amassing as bitcoin’s price fell, many began to wonder how this venture may turn out for his tenure. 

On Tuesday evening, over 1,000 people came together to protest in the capital, San Salvador, causing disruptions and setting fires outside the Supreme Court. 

Reuters quoted one protestor, saying: “This is a currency that’s ideal for big investors who want to speculate with their economic resources.”

Bitcoin has enjoyed many admirers, but not many have been willing to stake quite as much as Nayib Bukele. The performance of the crypto market, in general, could go on to define his reign, and we look forward to following the moves of the market. 

Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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