El Salvador’s president, Nayib Bukele, said that his country had purchased an additional 500 bitcoins during a time of heavy market correction in which the price of bitcoin plunged to its lowest level in ten months. Since September 2021, when El Salvador embraced bitcoin as legal tender, the country’s government has consistently acquired a total of 2,301 bitcoins.
El Salvador’s president, Nayib Bukele, announced via Twitter on Monday that his country had purchased an additional 500 bitcoins as the price of bitcoin dropped.
El Salvador just bought a dip! 500 coins valued at an average of $30,744,
– he wrote.
Bukele’s tweet came at a time when the digital asset market has recently lost billions of dollars, and the price of bitcoin has dropped by more than 50% from its all-time high in November of last year.
At the time of writing, one bitcoin costs around $31,850. This is still 17% lower than 7 days ago and 4.5 percent lower than yesterday.
El Salvador has adopted Bitcoin
In September 2021, El Salvador became the first country in the world to recognize bitcoin as legal tender and put it on par with the U.S. dollar. Since then, the Central African Republic has become the second country to accept bitcoin as a means of payment, starting in April.