El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath – In the midst of a bitcoin meltdown, El Salvador has bought the dip. Nayib Bukele, the president of El Salvador, declared on Twitter on Monday that his country had gained 500 additional bitcoins. “El Salvador has just purchased the dip!” He wrote, “500 coins at an average USD price of $30,744.”
His comment comes as the crypto market lost billions of dollars and the price of bitcoin dropped by more than half from its all-time high.
At the time of writing, BTC was trading at $31,607 USD. In the preceding 24 hours, it had plummeted 8.5 percent, 18.1 percent in the past 7 days, and 25.4 percent in the past 30 days. El Salvador was also the first country that made bitcoin legal tender alongside the US dollar in September of last year.
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Since then, the business has made a few bitcoin purchases. After originally acquiring 700 bitcoins, the country bought 420 bitcoins in October, 100 bitcoins in November, 171 bitcoins in December, as well as 410 bitcoins in January. El Salvador has now acquired 2,301 bitcoins, pushing the country’s total bitcoin purchases to 2,301.
According to one estimate, El Salvador’s total bitcoin holdings have lost over $30 million in value. Amidst this, President Bukele remains optimistic on bitcoin, believing that it will hit $100,000 this year.
El Salvador plans to issue bitcoin bonds as well, though no timeline has been set. Market factors, as well as the Russia-Ukraine crisis, had an impact on bond issuance, according to El Salvador’s Treasury Minister, Alejandro Zelaya. “We’re waiting for the perfect time,” he said, “which the president will determine based on market conditions.”
