El Salvador's government picks up 420 Bitcoin amid price dip

Asia's Tech News Daily

El Salvador's government picks up 420 Bitcoin amid price dip
© Provided by City AM

El Salvador’s government, the first in the world to make a cryptocurrency legal tender, picked up 420 more bitcoins as price dipped below $60k.

Bitcoin has been on a major hotstreak over the past two weeks maintaining a price above $60k for 11 consecutive days before finally deflating yesterday to $58k.

El Salvador’s government used the brief dip in price as an opportunity to pick up $25m worth of Bitcoin, adding 420 coins to the 150 purchased by the government on 20 September.

“It was a long wait, but worth it. We just bought the dip! 420 new Bitcoin,” the country’s charismatic young president Nayib Bukele wrote on Twitter.

“hahaha we’re already making a profit of the bitcoin we just bought,” wrote Bukele an hour later as Bitcoin’s price climbed back towards the $60k mark.

It comes after El Salvador declared that every business in the country would be required to accept bitcoin alongside the US dollar as part of a massive economic experiment.

The scheme was proposed as a way to help Salvadorans save on commissions for remittances, mostly sent from the United States. Last year the country’s economy received a $6bn boost from remittance payments, but lost out on $400m paid in commission fees.

Bitcoin, the so-called King of Crypto is renowned for facilitating low-cost, seamless international payments.

Its safe to say that not everyone in El Salvador is sold on the idea. The first month of the roll out was marred by protests, technical glitches and some major price volatility.

Nonetheless, Bukele insists that the policy is popular with 3m citizens getting a government issued Chivo crypto wallet, nearly half the country’s population.

In recent weeks, El Salvador has even begun mining Bitcoin using geothermal power generated by volcanoes to up the government’s crypto holdings.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Tynwald backs government changes to Covid rules

© BBC Members asked if one lateral flow test within 12 hours was enough for domestic arrivals Tynwald has rubber-stamped the Manx government’s latest Covid rules which tighten travel restrictions ... Read more »

Market Movers: What's driving investors to NALCO, Hindalco's counters?

MUMBAI: Aluminium stocks are proving to be the last man standing in the metal pack given the withering gains of steel stocks these past few weeks. While the rosy outlook ... Read more »

Lithuania extends state of emergency at Belarus border

© Reuters/JANIS LAIZANS Lithuania builds four-meter-high fence on Belarusian border VILNIUS (Reuters) – Lithuania’s parliament on Tuesday extended a state of emergency at the country’s border with Belarus and at ... Read more »

One probable omicron case among 17 Covid patients on Norwegian ship docked in US

File Norwegian Cruise Line’s ship, Norwegian Breakaway, on the Hudson River in 2013. About 17 people tested positive for Covid on cruise ship which docked New Orleans on Sunday (AP) ... Read more »

Tell us: How did you experience maternity care in pregnancy and childbirth this year?

Photograph: David Jones/PA We would like to hear from new or expecting mothers about the NHS care and support they have received We would like to hear how women in ... Read more »

What this Mets manager search will come down to

Getty Images; Paul J. Bereswill Sign up here to get Beyond the Back Page delivered to your inbox each morning. Gil Hodges, one of only two managers in team history to ... Read more »

Audi A4 Avant (2023) gibt Erlkönig-Debüt mit Doppelauspuff

Diashow ein 2023 Audi A4 Avant spionieren Foto 2023 Audi A4 Avant spionieren Foto 2023 Audi A4 Avant spionieren Foto 2023 Audi A4 Avant spionieren Foto 2023 Audi A4 Avant ... Read more »

Zinsen nicht gezahlt: Lage bei Wohnungsbaukonzern China Evergrande spitzt sich zu

Die Lage beim hochverschuldete chinesischen Wohnungsbaukonzern Evergrande spitzt sich zu. Erstmals hat der zweitgrösste Immobilienentwickler Chinas Insidern zufolge eine Galgenfrist für Zinszahlungen gerissen. © Bereitgestellt von Blick Lage bei Wohnungsbaukonzern ... Read more »

Victor Lindelof's David de Gea comments show much has changed since Roy Keane fight claim

There were times last season when David de Gea’s Manchester United future looked far from secure, but the Spaniard has turned things around since the summer. The 31-year-old has not ... Read more »

Jamie Carragher brilliantly analyses Everton fan's epic reaction to Gray screamer vs Arsenal

© GiveMeSport Jamie Carragher brilliantly analyses Everton fan’s epic reaction to Gray screamer vs Arsenal Everton ended their run of eight Premier League games without a win in spectacular fashion ... Read more »

European Union drug regulator backs mixing COVID-19 vaccinations and boosters

THE HAGUE, Netherlands — European Union drug regulator backs mixing COVID-19 vaccinations and boosters. Read more »

European drug regulator backs mixing COVID-19 vaccines

The Associated PressPedestrians wear masks to prevent the spread of the COVID-19 as they walk past a store decorated as part of Christmas lightings, in Paris, Monday, Dec. 6, 2021. ... Read more »

American Airlines CEO Parker to step down next March

The Associated PressAn American Airlines flight arrives at Miami International Airport, Monday, Nov. 8, 2021, in Miami. The U.S. says that as of Monday, with bans on travelers from 33 ... Read more »

Blake Shelton sparks fraud concern

© Bang Showbiz Blake Shelton is splashing out this Christmas Blake Shelton has spent so much on Gwen Stefani’s Christmas gifts, his bank thought he’d been a victim of fraud. ... Read more »

'This is soo positive', 'Get in', 'Finally' - Many LFC fans rejoice at what FSG have now done

© Provided by Transfer Tavern Liverpool manager Jurgen Klopp A number of Liverpool supporters have hailed FSG’s decision to create a new supporters board with the help of Spirit of ... Read more »

Lacson vows completion of National Broadband Program

© Senate PRIB Senator Panfilo Lacson at Senate hybrid plenary session, Nov. 11, 2021. Senate PRIB Senator Panfilo Lacson on Tuesday vowed that if he wins the presidency, he will ... Read more »

Daughter of a truck driver who ploughed through five cars in a horrific freeway crash that killed a two-year-old girl fears he will take his own life with grief and explains what sparked the tragedy

A toddler died in the horror smash on Victoria's Calder Freeway on MondayHer parents and baby sister were also pulled from the wreckage of their car  A State Emergency Service officer said it was a 'confronting' scene to attend  Do you know more? Email tips@dailymail.com WARNING GRAPHIC FOOTAGE Read more »

Instagram model, 21, who spent $15,000 on fillers to achieve a real-life doll look reveals she's having them dissolved because they make her look OLDER - and she can't remember what her natural face looks like

Candice Kloss, 21, from New York had filler in her cheeks, lips and jaw dissolvedShe says she's tired of looking 'fake' and feels 'so much better' for getting rid of itThe influencer with over 63,000 followers says she wants to be a 'natural beauty' Read more »

‘You have to look at Daryl Dike' – Exclusive: Jobi McAnuff reveals where West Brom need to strengthen in January

© Provided by Football League World Championship – Huddersfield Town v Barnsley Discovery+ and Quest pundit Jobi McAnuff believes that West Bromwich Albion should invest in a striker in the ... Read more »

Novak Djokovic eyes WTA star's record after surpassing Roger Federer and Serena Williams

Novak Djokovic is eyeing a new record in his quest to cement himself as the best tennis player of all time. The Serb enjoyed a stunning 2021 season, winning three ... Read more »

Tottenham hit by Covid-19 outbreak as players and staff test positive

© Alamy Stock Photo Spurs’ cockerel crest on top of the stadium. TOTTENHAM’S PLANS FOR a busy period of games have been hurt by a coronavirus outbreak at the club. ... Read more »

Christmas TV guide 2021: What to watch over the festive season, from A Very British Scandal to Doctor Who

© BBC / Blueprint 23351117-low_res-a-very-british-scandal.jpg Start planning your festive viewing schedule now: there’s so much brilliant telly airing over the Christmas break, you won’t want to leave the sofa. From ... Read more »

Newman could seal dream West Ham deal with “outstanding” £21m “superstar” - opinion

© Provided by Football FanCast Real Madrid forward Eden Hazard West Ham United have been linked with a move for Real Madrid forward Eden Hazard ahead of the January transfer ... Read more »

LIVE STREAM: Taylor vs Catterall press conference

Josh Taylor goes head to head with Jack Catterall at an Edinburgh press conference ahead of their undisputed world title fight – and you can watch a live stream! The ... Read more »

Jake Paul responds to 'no knockout' contract claims as Tyron Woodley replaces Tommy Fury

Jake Paul has fiercely hit back at the suggestions that the contracts signed by his opponents prevent them from knocking him out – putting the rumours to bed with a ... Read more »

Man arrested in Lawrence shooting Sunday

Dec. 7—LAWRENCE — A 19-year-old man was arrested at his home Monday morning in connection with a shooting that left a man dead Sunday night. Josef Guillen of Lawrence was ... Read more »

Early indications suggest Omicron more transmissible than Delta, UK PM tells ministers

Britain’s PM Johnson walks outside Downing Street in London LONDON (Reuters) – Early indications suggest that the Omicron coronavirus variant is more transmissible than the earlier Delta variant, British Prime ... Read more »

The death of the budget ski holiday

Oxford ski company luxury holidays chalet – Oxford Ski Company Once upon a time skiing was all about, well, skiing. Despite the super-luxe image portrayed by A-listers and film stars, ... Read more »

New infection record in Asker: 224 corona cases registered in the last 24 hours

In the last 24 hours, 224 cases of corona infection have been registered in Asker Municipality – a new municipal daily record. In the last seven days, a total of ... Read more »

Forces' excesses don't go well in democracy like India: Neiphiu Rio on AFSPA repeal plea

© Provided by Hindustan Times File photo of Nagaland CM Neiphiu Rio. (HT_PRINT) Nagaland chief minister Neiphiu Rio on Tuesday said the excesses committed by the armed forces through the ... Read more »

Ed Sheeran says he 'almost killed' Elton John 'with a bell' while filming their Christmas music video

© Ed Sheeran / YouTube Ed Sheeran channels Mariah Carey in the “Merry Christmas” music video. Ed Sheeran / YouTube Ed Sheeran told Apple Music’s Zane Lowe that he “almost ... Read more »

We support the move towards mandatory vaccinations, says Naptosa boss

© Provided by CapeTalk Teachers’ union Naptosa says it is fully behind plans to introduce mandatory jabs in SA Naptosa’s executive director Basil Manuel says government must provide more clarity ... Read more »

Ramaphosa's tour: South Africa, Nigeria dump political ‘baggage', but xenophobia still a ‘touchy' subject

Omicron travel bans opened a window to smooth over some past frictions between South Africa and Nigeria, the latter’s foreign minister tells Daily Maverick. Geoffrey Onyeama says solidarity over the ... Read more »

Massive drug bust: Narcotics worth Rs 500 crore seized in Manipur

© Provided by Zee News New Delhi: A joint team of Assam Rifles and Manipur Police busted a massive drug smuggling racket as they unearthed narcotics worth Rs 500 crore ... Read more »

IISc researchers show Hydrogen sulphide gas suppresses HIV infection

© Provided by The Times of India BENGALURU: Researchers from IISc and collaborators, have found that hydrogen sulphide (H2S) plays a key role in suppressing HIV as increased H2S gas ... Read more »

Former CEC Sunil Arora to join prestigious IDEA board

© Provided by The Statesman Former CEC Sunil Arora to join prestigious IDEA board Former Chief Election Commission of India Sunil Arora would be joining the Board of Advisers of ... Read more »

Serial conman Peter Foster who was embroiled in 'Cherie-gate' affair is dragged away barefoot after six-month manhunt by Australian police over £900,000 crypto scam

Serial Australian conman Peter Foster arrested by elite team of 'fugitive hunters'The 58-year-old allegedly skipped court in August, was on the run for six monthsHe is accused of orchestrating a £900,000 cryptocurrency sports betting scamSparked 2002 'Cherie-gate' when he helped Cherie Blair buy discounted houses Read more »

Farmers Likely to Call Off Their Protest After More Than a Year: Sources

© Provided by News18 Farmers Likely to Call Off Their Protest After More Than a Year: Sources The farmer unions are likely to call off their protest, more than a ... Read more »

Erik Ten Hag 'is on the shortlist to replace Pep Guardiola' at Man City but could face a battle with Man United - with the Ajax boss on their radar after only handing Ralf Rangnick a six-month deal

Pep Guardiola confirmed he will leave Man City in the summer of 2023 in AugustMan United appointed Ralf Rangnick as interim boss until the end of the season Ajax boss Erik Ten Hag's contract in Amsterdam does not expire until 2023  Read more »

'It's practically criminal': Brooke Shields SLAMS 1981 Barbara Walters interview after being grilled over her measurements, being sexualised and THAT Calvin Klein campaign at just 15

The model, 56, spoke of being 'oversexualised' in her controversial Calvin Klein campaign in 1981, which was followed by an interview with Barbara In the interview, she was asked a series of intimate questions about her sexual history and her measurements by Barbara - something she now calls 'criminal'In her campaign for Calvin Klein, she was seen saying: 'You want to know what comes between me and my Calvins? Nothing' - causing an outcry of criticism  Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic