In what was an amazing advancement in the space, El Salvador became the first country in the world to make Bitcoin legal tender in 2021.
In September 2021, Bitcoin had a strong rally leading up to El Salvador declaring Bitcoin as a currency. The ‘Chivo’ wallet was implemented in the country and President Nayib Bukele set aside more than $225 million to roll out the digital currency.
Markets saw a parabolic rally until the day finally came: Then traders took profits and we had a flash crash.
A classic case of “buy the rumor, sell the news”.
El Salvador actually took advantage of the dip, as the president tweeted out that he was buying the dip.