El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath

El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath

El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.

El Salvador Buys the Bitcoin Dip

Amid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.

His tweet came as the crypto market lost billions, and the price of bitcoin fell more than 50% from its all-time high.

By die skryf hiervan, BTC is trading at $31,607. It was down 8.5% in die laaste 24 ure, 18.1% in the past 7 dae, en 25.4% in die laaste 30 dae.

El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.

kleiner defi-netwerke soos Zilliqa, the company has been purchasing bitcoin periodically. After an initial purchase van 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, en 410 BTC in January. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins.

According to one estimate, El Salvador’s total bitcoin holdings have lost more than $30 million in value. Nietemin, President Bukele is still bullish about bitcoin, expecting the price of BTC will reach $100K this year.

El Salvador also plans to issue bitcoin bonds but the launch date has not been set. Alejandro Zelaya, El Salvador’s treasury minister, explained that the market conditions and the Russia-Ukraine war have affected the bond issuance. “We are waiting for the right moment and the president says when … It depends on how the market is,” he noted.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




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