Globally the crypto market is staying bearish while El Salvador buying the Dip.
Recently to tackle the bearish crypto, El Salvador has gone for the purchase of digital assets, and they are going a step further by making the Bitcoin Legal Tender.
El Salvador is buying the dip to reduce its investments. The Crypto market crash previously resulted in a 2 trillion Loss to the market.
Further, there are more than 2000 BTC in the El Salvador possession. If the present spending continues, it will bring more to this state.
Let’s have a brief overview of El Salvador buying the Dip obsession and how it has gone for hoarding the coins further.
El Salvador Buying The Dip and Their Obsession With Bitcoin
Without an inch of doubt, El Salvador has proved to be one of the most progressing states of the advanced states in regard to purchasing digital assets and crypto.
Their frequent bitcoin purchase usually happens during the bearish situation in the market.
The El Salvador president announced in a tweet that they want to utilize the current market situation. Further, he stated that it would result in the further addition of the BTC to their national stash.
El Salvador is buying the dip because of their stance on Bitcoin’s promising future even though the price value has been seen dropping.
Their point is that purchasing these digital assets will benefit investors shortly.
There is no doubt about the future of digital assets. However, the current untoward situation seems to affect the investments as their value might be reduced.
El Salvador has continued to invest in digital assets, especially BTC. Even though the market situation has remained unfavorable, their key decision-makers have continued to spend on new purchases.
The current purchase of Bitcoin has resulted in adding 80 Bitcoin to its stash. It is yet unsure how this investment will result for the mentioned state.