According to El Salvador’s president, Nayib Bukele, the country bought 500 bitcoins on Monday. El Salvador purchased 500 Bitcoins for US$15.37 million, taking advantage of a sudden price drop to add to its cryptocurrency holdings. Bitcoin is also legal tender in El Salvador.
“El Salvador just bought the dip,” Bukele said in a post on Twitter. “500 coins at an average USD price of ~$30,744.”
Last year, the South American country embraced Bitcoin as legal tender and has since amassed Bitcoin through a series of public acquisitions. El Salvador has purchased almost 2,000 Bitcoins, according to previous claims.
Bitcoin’s value has plummeted in the last 24 hours. According to CoinMarketCap data, the cryptocurrency was trading for $31,780 at the time of publication. El Salvador paid $30,744 on average for Bitcoin, the lowest price since the country began accumulating the cryptocurrency. However, the country’s Bitcoin holdings have continued to dwindle, with Bitcoin down more than 50% from its 2021 highs.
El Salvador has made ten cryptocurrency purchases since adopting Bitcoin as legal tender in September. Its most recent Bitcoin purchase occurred in January when it purchased 410 BTC at an average price of $36,585. In December, it made two tiny transactions totaling roughly $49,000 each. It paid a little over $54,000 for 100 BTC in November. It bought 420 Bitcoin at an average price of $58,800 in October, and it bought BTC four times in September at values ranging from $43,000 to $47,000.
Last September, El Salvador made Bitcoin legal tender, a move hailed by crypto fans throughout the world but met with widespread opposition in El Salvador. When the International Monetary Fund urged the country to abandon its use of Bitcoin as legal tender, citing financial stability and consumer protection risks, the decision drew international condemnation.
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