Crypto Black Friday, El Salvador buys 100 BTC for 20% off

The president of El Salvador Nayib Bukele announced that the country has bought 100 Bitcoin (BTC) today, bringing the total number of the country holding to 1,220 BTC. This is worth about $66.3 million based on the current value of BTC.

Following the recent dip, which the crypto community calls it "Crypto Black Friday," president Nayib Bukele invested more than $5 million into Bitcoin as the price dropped under $54,000 Friday.

On November 26, El Salvador's president left a tweet, saying that the country had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant identified in Southern Africa.

According to several reports, since reaching an all-time price of $69,000 on November 10, Bitcoin has fallen by over 20%, hitting $54,343, at writing time, according to CoinMarketCap. This means BTC plummeted by an 8% drop in less than 24 hours.

Note that Bukele has proposed several initiatives in the country around adoption and mining since the first announcement of legislation aimed at making Bitcoin legal tender in El Salvador in June.

Not to mention that the government has begun construction of the infrastructure to help the state-issued Bitcoin wallet, Chivo. Recently, El Salvador revealed plans to start its Bitcoin City based on the volcano.