The cryptocurrency market took losses this Tuesday when a wave of selling hit cryptocurrency prices, Bitcoin fell as much as 19%, all on the eve of the Bitcoin law taking effect. The initial purchase of 200 BTC was valued at around $10.4 million.
However, this didn't seem to have worried the Salvadoran President Nayib Bukele who immediately confirmed via twitter that his government bought 150 BTC during the selloff.
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Bukele also said the "discount is ending" for Bitcoin. He also thanked the International Monetary Fund, for helping his country "save a million in printed paper" on his government's Bitcoin purchase. This is because IMF had taken a negative stance in recent weeks on the introduction of Bitcoin in El Salvador, so its various warnings about El Salvador's initiative may have contributed to Bitcoin's recent collapse.
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We can say that El Salvador made history this Tuesday by becoming the first sovereign government to use bitcoin as legal tender , paving the way for residents and businesses across the nation to accept it as payment.