The self-proclaimed "dictator of El Salvador" has "bought the dip."
Buy the Dip
El Salvador became the first country in El Salvador to accept Bitcoin as legal currency. President Nayib Buke is now looking to cash in on the recent drop in value of the digital currency.
Bukele revealed that he purchased 150 bitcoins this weekend, which is approximately $6.7 million.
He tweeted that he had just purchased the dip early Monday morning. 150 new coins! El Salvador now holds 700 coins.
President Obama also used the occasion to offer some advice: If you buy the dips, they can't beat you.
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Bitcoin Crash
This is a strange example of a head of government investing in a volatile currency. Many see it as a distraction from more pressing issues.
According to Bloomberg, Bitcoin lost 16 percent of its value after Bukele announced that the country had acquired the crypto. The value of Bitcoin dropped to $42,500 as of this morning. This is its lowest point since August 1.
Bukele is actively seeking to consolidate power. His critics have accused him of acting like a dictator. Bukele announced broad legal reforms in May. He fired all judges above 60 years old and the attorney general.
In response, he changed his Twitter bio to read Dictador de El Salvador.
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He has also been criticised for his extremely conservative social policies. He has reiterated his beliefs that birth begins at conception and that same-sex marriages should be prohibited.
Distractions
Bitocin's launch as a national digital currency was highly controversial.
Many critics of Bukeles have seen the purchase of Bitcoins in a way that distracts from the more pressing issues facing the small country, such as the demise of democratic institutions. Others have called the launch of a Bitcoin currency that is backed by government a fraud.
There is no way to predict the future of Bitcoin. While buying the dip is a popular way of cashing in, it's unlikely to save an already struggling economy.
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READ MORE: El Salvador Leader Bukele Extends Bet on Bitcoin After 16% Loss [Bloomberg]
More about El Salvador: This country plans to be the first to accept Bitcoin as a legal tender
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