Bitfinex supports El Salvador with 36 Bitcoin & 600K USDT

Sahana Kiran
Source – Pixabay

Bitcoin [BTC] witnessed increased adoption over the last couple of years. From being outrightly thrashed by government officials, BTC managed to attain prominent support from the same people. The world’s largest crypto attained its primary boost when El Salvador, a whole country decided to adopt BTC as a legal tender. Impressed by its inclination towards the crypto-verse, several platforms extended support to the country. Bitfinex emerged as the latest one after it shelled out 36 BTC for the same.

Prominent cryptocurrency exchange seemed to have acknowledged El Salvador’s move towards embracing BTC. Therefore, in support of small businesses in the region, Bitfinex donated 36 Bitcoin worth $716,950.80. In addition to this, the platform gave $600,000 worth of Tether [USDT] as well.

El Salvador has been dealing with increased gang violence lately. Street gangs have reportedly been accused of extorting money from businesses. As a result, Bitfinex intends to bring respite to small businesses in the country’s socially deprived communities.

Elaborating on its latest move, Paolo Ardoino, the CTO at Bitfinex said,

“This funding demonstrates in real-time bitcoin’s potential to bring prosperity and economic freedom. By providing bitcoin and Tether to local communities in El Salvador, we will provide vital support to small businesses while also countering the effects of gang violence that has swept across the country.”

The donations would be processed into the Bitcoin wallets of the recipients. In addition to this, iFinex, the parent company of Bitfinex is said to collaborate with the government to roll out a regulatory framework for crypto.

Will El Salvador buy more Bitcoin if the asset drops to $10K?

There have been a lot of predictions regarding the fate of Bitcoin. While some believe that the king coin’s bottom is at $13K, a few others suggest that it could drop as low as $10K. A lot of them have been sticking to the $10K narrative.

It should be noted that El Salvador has made sure to pocket Bitcoin each time the asset plummets. More recently the country bought, 80 more Bitcoins at an average of $19,000 per coin.

Therefore, it is speculated the Salvadorian government would bag some more if the asset drops to $10K.

The inclusion of Bitcoin was introduced as a means to aid the debt that the country was in. However, things took a whole different turn as its Bitcoin experiment did not go as planned. The government’s BTC investment was slashed in half following the bear invasion.

With El Salvador having to pay up its upcoming debt in the next year, Nayib Bukele’s Bitcoin wasn’t of much help.