El Salvador’s Anti-Corruption Legal Advisory Center (ALAC), a body tasked with holding the government accountable for corruption-related practices come out to declare that his request for details on bitcoin (B T c) Investments made by the government through the country’s development bank Bandesal have been rejected twice.
It’s not immediately clear why ALAC is requesting details, but according to its ideologues, it is set to call on President Nayib Bukele for continued purchases of bitcoin, a move that made him the fastest president on crypto. earned the tag. region.
el salvador came as the first country To legalize bitcoin in the world and make it an official legal tender on its shores in September 2021. While President Bukele is being accused by critics of acting like a dictator to hit records at the time, the country’s parliament in particular $150 million bitcoin trust passed into law in early September, shortly before cryptocurrency Less than a week later legal tender was created.
Ever since it was declared legal tender, earning the same status as the United States dollar, the government has become a furious, Buying bitcoin from the state fund on every “dip”“A time when the price of bitcoin or any asset is depressed enough that presents a good time to buy.
Typically, when investors take advantage of a fall in prices, it is often in the hope of a substantial increase over time that usually results in profits.
El Salvador has taken significant risk with its bitcoin purchases, however, its expectations may not be met as prices have fallen by more than 70% since the cryptocurrency went from its all-time high (ATH) price of $68,000 in November last year. The fall had started. , The recession hit El Salvador’s holdings with losses Coming in at about $11 million Till January this year.
Bitcoin City, Veterinary Center, and other initiatives that have been planned are currently being held in the hope that the market correction will be rapid.
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