El Salvador has purchased the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president introduced that his nation has bought 500 extra bitcoins. Since El Salvador adopted the cryptocurrency as authorized tender, the Salvadoran authorities has bought 2,301 bitcoins altogether.
El Salvador Buys the Bitcoin Dip
Amid a crypto massacre, El Salvador has purchased the dip. The Salvadoran president, Nayib Bukele, introduced Monday on Twitter that his nation has bought 500 extra bitcoins. “El Salvador simply purchased the dip! 500 cash at a mean USD worth of ~$30,744,” he wrote.
His tweet got here because the crypto market misplaced billions, and the worth of bitcoin fell more than 50% from its all-time excessive.
On the time of writing, BTC is buying and selling at $31,607. It was down 8.5% within the final 24 hours, 18.1% previously 7 days, and 25.4% within the final 30 days.
El Salvador grew to become the primary nation to make bitcoin authorized tender alongside the U.S. greenback in September final yr.
Since then, the corporate has been buying bitcoin periodically. After an initial purchase of 700 bitcoins, the nation purchased 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s buy, the entire variety of BTC bought by El Salvador has grown to 2,301 bitcoins.
Based on one estimate, El Salvador’s complete bitcoin holdings have misplaced greater than $30 million in worth. Nonetheless, President Bukele remains to be bullish about bitcoin, anticipating the worth of BTC will reach $100K this yr.
El Salvador additionally plans to situation bitcoin bonds however the launch date has not been set. Alejandro Zelaya, El Salvador’s treasury minister, defined that the market situations and the Russia-Ukraine struggle have affected the bond issuance. “We’re ready for the suitable second and the president says when … It depends upon how the market is,” he noted.
What do you consider El Salvador shopping for 500 bitcoins after the worth of the cryptocurrency plunged 50%? Tell us within the feedback part under.
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