Friday, March 1

Bought the Dip: El Salvador Purchased 410 Bitcoin for $15M

El Salvador’s president – Nayib Bukele – was recently worried that his country missed out on buying cheaper bitcoin. However, the latest dipped allowed the nation to accumulate 410 more BTC.

  • The small Central American country made history last year when it became the first nation to adopt the primary cryptocurrency as legal tender inside its borders.
  • Since then, it has started numerous pro-bitcoin initiatives and frequently buys more of the asset.
  • Although their total investment was worth $10 million less at the start of January, president Bukele said he was concerned that the country failed to purchase more BTC during the recent market crashes.
  • This happened when BTC dropped to $40,000 but bounced off immediately to around $44,000.
  • However, the cryptocurrency went on the downhill again in the past few days, losing nearly $9,000 in two days.
  • This has allowed El Salvador to make one of its largest purchases to date, as announced by Bukele. Overall, the country purchased 410 BTC worth roughly $15 million.
  • Nevertheless, the country’s total BTC investment is still very much in the red, as estimations show that El Salvador is down about $20 million as of now.

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