El Salvador bought bitcoin. Amid a strong sell-off in the cryptocurrency market, El Salvador’s president announced that his country had purchased 500 more bitcoins. Since El Salvador adopted cryptocurrency as legal tender, the Salvadoran government has purchased a total of 2,301 bitcoins.
El Salvador buys bitcoin on the decline
Amid the cryptocurrency bloodbath, El Salvador bought dip El Salvador’s President Nayib Buquele announced Monday on Twitter that his country had purchased 500 more bitcoins. “El Salvador just bought dip! 500 coins at an average price of ~$30,744,” he wrote.
His tweet came at a time when the cryptocurrency market has lost billions and the price of bitcoin has fallen more than 50% from its all-time high.
As of this writing, BTC is trading at $31,607. It has fallen 8.5% in the last 24 hours, 18.1% in the last 7 days, and 25.4% in the last 30 days.
El Salvador became the first country to make bitcoin legal tender along with the U.S. dollar last September.
The company has been periodically buying bitcoin ever since. After an initial purchase of 700 bitcoins, Country purchased 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. After Monday’s purchase, the total number of BTCpurchased by El Salvador rose to 2,301 bitcoins.
According to one estimate, El Salvador’s total bitcoin holdings have lost more than $30 million in value. Nevertheless, President Buchele remains optimistic about bitcoin, expecting the price of BTC to reach $100K this year.
El Salvador is also planning to issue bitcoin bonds, but no launch date has yet been set. Alejandro Zelaya, El Salvador’s finance minister, explained that the bond issue was influenced by market conditions and the war between Russia and Ukraine. “We are waiting for the right time, and the president will say when. It depends on how the market conditions are,” he noted.
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