El Salvador Buys The Bitcoin Dip

El Salvador is making headlines again after the President just announced that they bought the dip. Check out what El Salvador’s President posted on social media and more important voices in the crypto spacer retweeted.

BREAKING: El Salvador just bought 500 more bitcoin.

They purchased the bitcoin at an average price of $30,744.

A nation state is buying the dip 🤯

— Pomp 🌪 (@APompliano) May 9, 2022

The nation has been known for these kinds of posts.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $30,768.

It’s been revealed that the closely followed crypto analyst sees big potential for decentralized finance (DeFi) to disrupt the traditional financial system.

During a new discussion on crypto analyst Benjamin Cowen’s YouTube channel, the host of InvestAnswers says that DeFi is still as revolutionary as people said it was in 2020.

“I am huge into DeFi. I’m a tradFi guy now so I can see the potential. I can see what’s actually happening live, the development of DApps (decentralized applications) that literally revolutionize everything from the payment business to the borrowing, lending, financing, derivatives. Everything is going to move to the chain. Everything will be tokenized.”

As the online publication the Daily Hodl notes, the total value locked in decentralized finance protocols is going from just under $30 billion in 2020 to its current $71.59 billion. It’s also worth noting the fact that the analyst says that the sector will continue to grow.

He also said that he’s bullish on smart contract platforms Ethereum (ETH) and Solana (SOL). This is reportedly because of the anticipation that DeFi will take over the traditional financial system.

“DeFi will be huge. It’s going after a $40 trillion market. That’s why I’m so bullish on things like Ethereum despite its problems and its delays and everything else and Solana.”