Investors were hesitant to put their money into the crypto-verse due to the failure of numerous ventures and the market collapse. A significant Bitcoin bull maintained optimism despite claims that Bitcoin was doomed. El Salvador’s acceptance of BTC as a legal tender astounded the entire world. El Salvador wanted to increase their holdings despite the asset falling below $16,000.
President Nayib Bukele of El Salvador recently tweeted that the country would begin buying one Bitcoin every day.
Bitcoin sustained the market volatility caused by the infamous de-pegging of TerraUSD as well as Covid-19. The FTX crash, however, wrecked the market and sent the king currency to a two-year low. 6.5 million Salvadorans who had previously trusted their President to invest public funds in Bitcoin began to be leery.
Following recent news, rumors started to spread that one of the biggest cryptocurrency adopters in the world may be having problems. Later, it was refuted when El Salvador’s president, Nayib Bukele, said that there was no BTC present in the FTX exchange.
Mike Novogratz spread the notion from the outset and later claimed he had been duped by “false news” regarding the country’s Bitcoin position. Later tweets that questioned the veracity of the allegation were motivated by concern for El Salvador.
An economist at the Central American Institute of Fiscal Studies (ICEFI), Ricardo Castaneda, estimated El Salvador’s losses at about $70 million.
Despite this, Bukele persisted in “buying the dip,” remaining untethered. The president of El Salvador was frequently seen purchasing BTC dips. Bukele’s optimism for the king coin has not diminished in the wake of the fall of the FTX empire. He even tweeted earlier this week that FTX was not Bitcoin.
Here’s How Bitcoin Has Fared Since FTX Collapse
At the time of publication, the price of BTC was $16,575.47, up by 0.17% from the previous day. Earlier this week, it was able to reach a high of $17,650, but it also fell to a low of $15,872.94.
The graph above showed how BTC fell over the last two weeks. Following the entire FTX fiasco, BTC was trading 75.93% below the $68,789 all-time high it reached a year ago.
El Salvador’s acquisition of one Bitcoin every day will probably increase its holdings and drive up the price of BTC.