On Frida, January 21, the broader cryptocurrency market extended further losses tanking another 8%. This is the second consecutive day of heavy selling in the crypto space as investors lose more than $350 billion in cumulative wealth.
As of press time, Bitcoin is down 7.38% and is currently trading at $36,611 with a market cap under $700 billion. The two-day market correction has extended Bitcoin’s weekly losses to more than 15%.
El Salvador Buys the Bitcoin Dip
While extreme fear has ensued in the crypto market, El Salvador President Nayib Bukele prefers to keep his head high and sees it as a buying opportunity. A few hours back, President Bukele announced that El Salvador has purchased another 410 Bitcoins from their Treasury for a staggering $15 million.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
However, Bukele has come under heavy criticism as the country sits at unrealized losses north of $15 million, as of now, from its Bitcoin investments as of now. El Salvador is currently holding nearly 1400 BTC in its Treasury.
Lashing out at Bukele over his current announcement, Bitcoin critic Peter Schiff wrote:
“That means you wasted over $36,500 per Bitcoin. If you want to make bad bets on Bitcoin do it with your own money. Why didn’t you include in your tweet how many Bitcoin you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don’t buy the next!”
Last year, Moody’s also downgraded El Salvador’s rating as the country’s USD bonds have been on a free fall following the country’s Bitcoin move last year. However, El Salvador President Nayib Bukele has decided to give a pass to all his critics and continue with their Bitcoin plans.
The El Salvador government is now planning to give small businesses access to Bitcoin-backed loans. The scheme will cater to the pressing need of small business owners to get fair-priced funding for their enterprises.