Writers Room
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.
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