El Salvador buys 100 more bitcoins amid crypto sales and fear of new Covid-19 variant – Bitcoin Planet markets and prices

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As reports of a new strain of Covid-19 spread, causing the price of many cryptocurrencies to plummet, El Salvador bought the decline. The country added an additional 100 bitcoins to its treasury despite a recent warning from the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220.

El Salvador buys the drop: 1,220 Bitcoins bought so far

El Salvador took advantage of Friday’s sale and bought an additional 100 bitcoins as reports of a new variant of the coronavirus spread. Salvadoran President Nayib Bukele tweeted on Black Friday that his country had bought the drop. “100 additional pieces acquired at a discount,” he wrote.

A World Health Organization (WHO) advisory group on Friday classified the new variant of Covid-19, first detected in South Africa, as a highly transmissible virus, naming it “Omicron”.

The crypto market lost billions of dollars on Friday amid reports of the new strain of coronavirus. The price of bitcoin rose from $ 59,165 on Thursday afternoon to $ 53,798 on Friday afternoon. BTC is trading at $ 54,830.98 per coin at the time of writing, based on data from Bitcoin.com Markets.

Bitcoin price chart. Source: Bitcoin.com Markets

El Salvador made bitcoin legal tender alongside the US dollar on September 7. At the time, the price of BTC was around $ 46,000.

Since bitcoin became legal tender, El Salvador has bought a total of 1,220 BTC, according to Bukele’s announcements.

The day before the bitcoin law went into effect, El Salvador bought two sets of 200 bitcoins. He bought 150 more BTC on September 7 and 150 more coins on September 20. Bukele said at the time: “El Salvador now has 700 coins”.

Since then, El Salvador has purchased an additional 420 coins on October 27, bringing the total purchases to 1,120 coins. Friday’s buy brings the country’s bitcoin stash to 1,220 coins. At the current price, 1,220 bitcoins are worth around $ 66.9 million.

President Bukele last week announced a plan to build the world’s first volcano-fueled “bitcoin city” funded by bitcoin bonds. He noted that there would be no taxes in the city of bitcoin, except for the value added tax (VAT).

However, a day after the announcement, the International Monetary Fund (IMF) warned the country against using BTC as legal tender. The IMF cited “significant risks to consumer protection, financial integrity and financial stability” as reasons, adding that this “also gives rise to contingent fiscal liabilities”.

Tags in this story Bitcoin City, sell bitcoin, buy trough, buy trough, buy bitcoin, COVID-19, covid-19 variant, crypto sales, El Salvador, salvador buys bitcoin, IMF, President Nayib Bukele

What do you think of El Salvador buying down amid massive crypto market sales as a new strain of Covid-19 emerges? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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