--- title: "In Response to Dip, El Salvador Buys a Bunch More Bitcoin" description: "Buying the Dip El Salvador recently became the first country to accept Bitcoin as legal tender — and thanks to a recent dip in the value of the digital currency, president Nayib Bukele is looking to cash in. Bukele announced he bought 150 bitcoins over the weekend, equivalent to around $6.7 million. “We just bought […]" date: "2021-09-20" modified: "2021-09-20" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/dip-el-salvador-president-buys-more-bitcoin" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "digital currencies" - "el salvador" - "the digest" --- # In Response to Dip, El Salvador Buys a Bunch More Bitcoin ![Thanks to a recent dip in the value of Bitcoin, president Nayib Bukele is looking to cash in and announced he "bought the dip."]() *\Image: YURI CORTEZ/AFP via Getty Images/Futurism\* ## Buying the Dip El Salvador recently [became the first country]() to accept Bitcoin as legal tender — and thanks to a [recent dip]() in the value of the digital currency, president Nayib Bukele is looking to cash in. Bukele announced he bought 150 bitcoins over the weekend, equivalent to around $6.7 million. "We just bought the dip," he wrote in [a tweet]() early Monday morning. "150 new coins! El Salvador now holds 700 coins." The president also took the opportunity to dole out some "presidential" advice: "They can never beat you if you buy the dips." ## Bitcoin Crash It's a bizarre instance of the head of a government actively leaning in on investing funds on a highly volatile currency that many see as a distraction from much more pressing issues. Bitcoin lost about 16 percent of its value since [Bukele announced the country's first acquisition]() of the crypto, [according to *Bloomberg*](). As of this morning, the value had dropped to around $42,500, its lowest value since the beginning of August. Bukele is making active moves to consolidate power, causing his critics to call the 40-year-old head of state out for [acting like a dictator](). In May, Bukele announced sweeping legal reforms, [firing all judges over the age of 60]() and the attorney general. In response, he changed his Twitter bio to read "Dictador de El Salvador." He's also been criticized for [extremely conservative social policies](). In recent posts, he reiterated his views that birth starts at conception and that same-sex marriages should not be allowed. ## Distractions The move to roll out Bitocin as a national digital currency has been highly controversial. Bukele's many critics have viewed the purchase of Bitcoins [as a distraction]() from much more pertinent issues facing the small nation, such as the dismantling of democratic institutions. Others have called the rollout of a Bitcoin currency backed by the government [a "scam]()." By design, there's no guarantee of a bright future when it comes to Bitcoin. Buying the dip is certainly a popular way to cash in — but it's unlikely to rescue an ailing economy if the dip persists. **READ MORE:** [El Salvador Leader Bukele Extends Bet on Bitcoin After 16% Loss]() \[*Bloomberg*\] **More on El Salvador:** *[This Country Plans to Be the First to Accept Bitcoin as Legal Tender]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()