Bitcoin is not having its best time, to put it rather modestly. Over the last week, Bitcoin has fallen to its lowest price in a year and even bounced back from there to stabilize at around $30,000. For many Bitcoin-heavy investors, this means a lot of losses, even millions of dollars. It is natural for Bitcoin investors to be nervous at this time, but not everyone is feeling so. Among them is Dania Gonzalez, the Deputy of the Republic of El Salvador. El Salvador is the only country in the world where Bitcoin is legal tender. More importantly, the country has been steadily adding Bitcoins to its reserves. The recent downward spiral could have meant severe losses for the country, but Gonzalez believes that’s not the case.
According to the Deputy of the Republic of El Salvador, ups and downs are a fact of the crypto ecosystem. The president of El Salvador, Nayib Bukele, posted on Twitter that El Salvador has bought the dip with 500 new Bitcoin addition to the country’s reserves. Dania Gonzalez says that Nayib Bukele takes strategic decisions to make timely profits from Bitcoin so that the market ups and downs do not bother the country.
El Salvador continues to be the one and only country in the world to adopt Bitcoin as legal tender. It’s a global experiment of sorts and the outcome of the decision will not be apparent until at least decades from now. If it’s a success, many other countries can follow suit.