El Salvador Buys 100 More Bitcoin As Apex Cryptocurrency Corrects

The government of El Salvador recently purchased 100 additional Bitcoin BTC/USD, President Nayib Bukele announced the news in a tweet on Friday.

The price of Bitcoin fell about 8% on Friday to around $54,237, as the crypto and equity markets corrected over uncertainty about a newly discovered COVID-19 variant named Omicron, labeled by the World Health Organization on Friday as a “variant of concern,” its most serious category.

Bitcoin has been legal tender in El Salvador since September, after the country’s legislature passed the Bitcoin Law. An initiative that was spearheaded by Bukele.

As of Oct. 28, the country had purchased 1,120 bitcoins. Bukele has argued that the apex cryptocurrency will help millions of Salvadorans living abroad send remittances back home. He has also said it will bring financial inclusion, investment, tourism, and development.

Bukele said that El Salvador plans to build an entire city based on bitcoin. It will be located along the Gulf of Fonseca near a volcano. The government plans on locating a power plant by the volcano to provide energy for both the city and bitcoin mining, the president said.

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