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Friday, May 27, 2022

El Salvador Bought Additional 410 Bitcoins Worth $15 Million

El Salvador bought the dip as the price of bitcoin plunged to a record low.

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The president of El Salvador, Nayib Bukele, tweeted Friday that the country bought another 410 Bitcoin (BTC) for $15 million at an average price of $36,585 per coin. The Salvadoran government now owns a total of 1,801 bitcoins since the cryptocurrency was made legal tender in the country.

Bluke wrote on Twitter, ” Some guys are selling really cheap”, he also stated that he did not miss the dip after all. “Nope, I was wrong, didn’t miss it”.

The Salvadoran government passed a Bitcoin law making Bitcoin BTC a legal tender alongside the U.S. dollar in September last year. Since then, El Salvador has been a regular purchaser of bitcoin.

In September last year, El Salvador bought 700 bitcoins. The country additionally bought 420 BTC in October, 100 BTC in November, and 171 BTC in December. With the latest purchase, El Salvador has bought 1,801 BTC altogether.

The price of bitcoin began falling regularly from early November last year after reaching all time high, $68,789 dollar, according to CoinMarketCap data. BTC started the year around $47K but fell below $41K on Jan. 8.

At the time of writing, the price of bitcoin has dropped almost 6% in the last 24 hours, more than 21.45% in the past seven days, currently bitcoin is trading at $33,497 as per CoinMarketCap.

 

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