Cryptocurrency enthusiasts are baffled to see Bitcoin slumping on the very day it was adopted as a legal tender in El Salvador. They were in a celebratory mood calling the day 'Bitcoin Day' as the Central American country became the first country to make Bitcoin a legal currency.
However, the celebration was short-lived as the price of Bitcoin continued falling after reaching as high as $52,000 late Monday.
The price of Bitcoin started climbing when El Salvador’s President Nayib Bukele announced the purchase of 200 new bitcoin totaling 400 for the country on September 6.
President Bukele announced that they bought another 150 new coins after the price of Bitcoin fell on Tuesday.
“The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin," said Eduardo Abreu, Vice President of new business at Visa.