On Frida, January 21, the broader crypto market continued its losses, increasing by 8%. This was the second consecutive day of strong net selling in the crypto space as investors lost over $350 billion in accumulated assets.
As of press time, Bitcoin is down 7.38% and is currently trading at $36,611 with a market cap of less than $700 billion. The two-day market correction extended Bitcoin’s weekly losses to more than 15%.
El Salvador buys Bitcoin Dip
While extreme fear ensued in the crypto markets, El Salvador President Nayib Bukele preferred to hold his head high and see it as a buying opportunity. A few hours ago, President Bukele announced that El Salvador had purchased an additional 410 Bitcoins from their Treasury for a staggering $15 million.
No, I was wrong, don’t miss it.
El Salvador just bought 410 yen #bitcoin for only 15 million dollars
You 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 is suffering an unrealized loss of $15 million, as of now, from its Bitcoin investments to date. El Salvador currently holds almost 1400 BTC in its Treasury.
Appreciate Bukele on His Current Announcement, Bitcoin Critic Peter Schiff Written:
“That means you wasted more than $36,500 per Bitcoin. If you want to bet bad on Bitcoin do it with your own money. Why don’t you include in your tweet the number of Bitcoins you HODL and the amount you lost. I warned you not to buy the final dip. Do not buy next! ”
Last year, Moody’s also downgraded El Salvador’s rating due to the country’s USD bonds in free fall following the country’s Bitcoin move last year. However, El Salvador President Nayib Bukele has decided to allow all his critics and move on with their Bitcoin scheme.
The government of El Salvador is currently planning to give small businesses access to Bitcoin-backed loans. The scheme will meet the urgent need of small business owners to get reasonable capital for their business.