Why is El Salvador buying over 410 Bitcoin?

 It may be the fourth day in a row that the cryptocurrency market has panicked, but El Salvador's president Nayib Bukele saw it as a buying opportunity. On Saturday, January 22, 2022, President Bukele announced that El Salvador had bought another 410 Bitcoins for $ 15 million.

However, Bukele has been widely criticized as the country has suffered huge losses of over $ 15 million. El Salvador currently holds about 1,400 Bitcoin in the country's coffers.

Without a chance, the well-known stockbroker, Peter Schiff, posted on Twitter his dissatisfaction with the way Bukele manages the state funds for the purchase of Bitcoin:

Nope, I was wrong, didn’t miss it.

El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳

Some guys are selling really cheap 🤷🏻‍♂️ https://t.co/vEUEzp5UdU

— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022

💥BREAKING: El Salvador is looking to offer #Bitcoin backed loans for small businesses.

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 20, 2022

"That means you wasted more than $ 36,500 per Bitcoin. If you want to bet on Bitcoin so much, do it with your own money.

Why didn't you include how much Bitcoin you have in your possession and how much money you have already lost? I warned you not to buy the last drop. Do not buy the next one!"

Last year, Moody's also downgraded El Salvador's rating as the country's bonds fell sharply following the country's move to Bitcoin. After that, however, the President of El Salvador, Nayib Bukele, decided not to pay attention to those who criticized him and revealed his following plans for Bitcoin.

"The government of El Salvador plans to give small businesses access to Bitcoin-backed loans.

 "This plan will address the need for small business owners to obtain fair financing for their businesses."

"To see your civilization when the power goes out," Popular says.

This article is for informational purposes only and does not replace specialized consulting services with professional experts.