El Salvador Doubles Down, Buys 500 BTC Amid Dip

 El Salvador Doubles Down, Buys 500 BTC Amid Dip

El Salvador President Nayib Bukele declared the country’s largest Bitcoin purchase to date in the middle of a terrible cryptocurrency market fall. He announced it in a tweet on Monday, saying, “El Salvador just bought the dip!” “Average price of $30,744 for 500 coins.”

El Salvador Buys 500 BTC

According to a tweet from President Nayib Bukele, El Salvador just purchased the wild Bitcoin dip today with a 500 BTC buy at an average price of $30,744.

The complete purchase price of $15.3 million will be added to El Salvador’s expanding bitcoin reserves. Total reserves of 1,620 BTC are currently at $49.5 million, with the current price of BTC hanging around $30,600, down from all-time highs of over $67,000.

As bitcoin has a flash crash and hovers around the $30,000 support level, the well-known pro-bitcoin president has a history of buying big sums of BTC at dip-buying opportunities.

President Bukele revealed to the public on September 6th, 2021 that El Salvador has purchased 200 BTC and that “our brokers will be buying a lot more.” El Salvador became the first country to record bitcoin on its balance sheet on that day.

El Salvador stated the following day that Bitcoin would be accepted as legal money. Bukele said that El Salvador has bought the dip for another 150 BTC, bringing the total reserves to 550 BTC, on the same day that the price of BTC fell from $51,000 to $43,000.

BTC/USD plummets to lowest since start of the year. Source: TradingView

President Bukele of 2021 increased the nation’s bitcoin reserve on September 20th, when BTC fell to $45,500 from $50,000 highs. In an announcement from President Bukele, the nation-state managed to acquire another 150 BTC through successive dip buys, bringing its total reserve to 700 BTC.

Then, on October 28th, 2021, President Bukele announced another smash-buy of 420 BTC after the price dropped to $58,800, from its previous high of $67,000. The overall reserves now stand at 1,120 BTC.

Related article | El Salvador’s Bitcoin Adoption Far Lower Than Expected, Survey Shows – A Blunder For Bukele?

Dip To Bukele’s Favor

Despite warnings from the International Monetary Fund about the risks of adopting Bitcoin legal tender, the Central American country has purchased Bitcoin on many times, taking advantage of price drops. The Salvadorian president announced the acquisition of 150 coins on December 7, 2021, at an average price of $48,670. In the week leading up to this, the country purchased 100 Bitcoin on Black Friday.

Nayib Bukele reported the purchase of another 21 bitcoins on the 21st day of the last month of the twenty-first century.

The Salvadoran government has been spending gains in numerous infrastructure development projects since Bitcoin became legal tender. The President stated in mid-October that $4 million from the income of their Bitcoin Trust would be utilized to build a new veterinary hospital in San Salvador. Bukele stated in early November that the state’s Bitcoin Trust account excess would be utilized to build 20 new schools.

Related Reading | Since Bitcoin, Tourism Is Up By 30% In El Salvador. How Did The Media React?

Featured image from Getty Images, chart from TradingView.com



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