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 plus que 50% from its all-time high.
Au moment de la rédaction, BTC is trading at $31,607. It was down 8.5% à la fin 24 les heures, 18.1% in the past 7 jours, et 25.4% à la fin 30 jours.
El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.
Since then, the company has been purchasing bitcoin periodically. After an initial purchase of 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, et 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. néanmoins, 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.
What do you think about El Salvador buying 500 bitcoins after the price of the cryptocurrency plunged 50%? Faites-nous savoir dans la section commentaires ci-dessous.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. krakow3d.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directement ou indirectement, pour tout dommage ou perte causé ou prétendument causé par ou en relation avec l'utilisation ou la confiance en tout contenu, goods or services mentioned in this article.