El Salvador Acquires 500 Bitcoins ($15.5M) Amid Market Sell-Off

Bitcoin cart microstrategy

The Central American nation of El Salvador has bought the dip yet again, adding another 500 bitcoins ($15.5M) to its portfolio amid the recent massive market sell-off.

Buying the Dip

El Salvador’s president, Nayib Bukele, announced via Twitter on Monday that the digital asset was bought at an average price of $30,744 each.

His announcement came at a time when bitcoin traded below $30,000, hitting a 10-month low. At the time of writing, bitcoin is trading slightly above $31,000, down by 5.37% in the last 24 hours.

The purchase makes it the country’s largest since it made Bitcoin legal tender last year alongside U.S. dollars. The recent acquisition brings the central American nation’s total Bitcoin holdings to 2,301 bitcoins, according to Bloomberg.

According to data from CoinMarketCap, El Salvador has been at a loss since it started purchasing the coin, but that hasn’t stopped Bukele from accumulating more of it.

Bukele has been very bullish on Bitcoin as he continues to buy the dip, hoping that the price will reach $100,000 anytime this year. Recall that in January, he predicted a $100,000 bitcoin price for 2022.

Following El Salvador’s Footstep

Interestingly, El Salvador’s latest purchase saw a reaction from the Tron Foundation, one of the leading blockchain platforms, who said they were moved by Bukele’s commitment toward digital assets.

Tron founder, Justin Sun said in a reply to Bukele’s tweet that the platform has now followed El Salvador’s footsteps in purchasing 500 bitcoins ($15.5M). The asset was purchased at an average price of $31,031 per coin.

Meanwhile, as part of the Bitcoin revolution taking place in El Salvador, President Bukele disclosed in November that the country will be constructing the world’s first Bitcoin-powered city which will be financed by $1 billion BTC bonds.

The country’s Finance Minister, Alejandro Zelaya, announced last month that the bond which was scheduled to be issued between March 15 and 20 has been delayed due to the ongoing Russia-Ukraine war.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Market Analysis
Liked Reading? Share with Friends