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El Salvador has doubled its bitcoin commitment despite a heavy sell-off in the crypto market. According to Salvadoran President Nayib Bukele, the country has purchased 80 more bitcoins.
El Salvador Purchases Bitcoin Dip.
El Salvador’s President Naib Bukele announcedandThursday that the country had purchased an additional 80 bitcoins. At the time of this writing,.BTCwere trading at $20,323. It fell to a low of $18,784 just before Buquere announced the purchase. President Salvador said El Salvador purchased the bitcoins for $19,000 each.
As the price of bitcoin continued to fall, the Salvadoran government faced intense criticism regarding its cryptocurrency investments. The country made BTClegal tender alongside the U.S. dollar inSeptember of last year. Since then, it has purchased 2,381 bitcoins.
Earlier this month, Bucherer offered some advice to bitcoin investors.” Stop looking at graphs and enjoy life.37} If you invest in BTCyour investment is safe and its value will grow immeasurably after a bear market. Patience is key,” the president of the Central American country tweeted.
Additionally, Finance Minister Alejandro Zelaya recently stated that the “fiscal risk” of El Salvador from bitcoin investments is “very small.”
Image credit: Shutterstock, Pixabay, Wiki Commons
