El Salvador purchased the bitcoin dip. The Salvadoran president has announced that 500 additional bitcoins have been purchased by his country amid a severe crypto market sell-off. The Salvadoran government now owns 2,301 bitcoins, after El Salvador made the cryptocurrency legal tender.
El Salvador buys the Bitcoin Dip
El Salvador bought the dip amid a crypto bloodbath. Nayib Bukele, the president of Salvador, posted Monday on Twitter that 500 bitcoins had been purchased by his country. “El Salvador just purchased the dip!” He wrote that 500 coins were purchased at an average USD cost of $30.744.”
He tweeted it as the crypto market was losing billions and the bitcoin price fell more than half of its peak.
BTC trades at $31,607. It fell 8.5% over the past 24 hours, 18.1% over the past 7 days and 25.4% over the last 30 days.
El Salvador was the first country to legalize bitcoin alongside the U.S. dollars in September 2013.
The company has continued to purchase bitcoin regularly since then. The country purchased 700 bitcoins in October and 100 BTC November. It also bought 171 BTC December. And 410 BTC January. El Salvador now has 2,301 Bitcoins, after Monday’s purchase.
One estimate states that El Salvador’s bitcoin holdings have lost more $30 million. President Bukele remains bullish on bitcoin and expects that the price BTC this year will reach $100K .
El Salvador plans to also issue bitcoin bonds, but the launch date is not yet known. Alejandro Zelaya is El Salvador’s Treasury Minister. He explained that market conditions and Russia-Ukraine conflict have affected bond issuance. He stated that “we are waiting for the right time and the president says when… It depends on the market conditions.”