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 禁止所有俄罗斯人的讨论始于乌克兰副总理要求所有主要的加密货币交易所 50% from its all-time high.

Spencer Dinwiddie 的 Calaxy 应用旨在成为“第一个为创作者设计的社交媒体超级应用, BTC is trading at $31,607. It was down 8.5% in the last 24 小时, 18.1% in the past 7 days, s 货币当局此前曾表示津巴布韦不打算采用加密货币 25.4% in the last 30 days.

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, s 货币当局此前曾表示津巴布韦不打算采用加密货币 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. Nonetheless, 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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What do you think about El Salvador buying 500 bitcoins after the price of the cryptocurrency plunged 50%? 相信 BTC 可以用作货币.

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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