Friday, February 3

El Salvador took advantage of the fall in the price of bitcoin and bought 410 BTC


Key facts:
  • The address in which El Salvador stores its bitcoins is not known.

  • Risk rating agency Moody’s affirms that BTC purchases put the country in a difficult situation.

Nayib Bukele, president of El Salvador, announced a few hours ago the purchase of 410 BTC by the nation. These coins, thanks to the fall in the price of bitcoin in the market, had a cost of USD 15 million.

In its Tweet, President Bukele made reference to a previous publication in which he mentioned that the “dip” could have been lost, as it is called the fall in the price of an asset to the point that it is a good buying opportunity.

The recent addition of 410 BTC to El Salvador’s bitcoin reserve would take it to exceed 1,500 units of this cryptocurrency. This, according to a follow-up of CriptoNoticias to purchase announcements by Bukele on his social networks. However, it is impossible to verify the certainty of these statements, since the bitcoin address (or addresses) where the cryptocurrencies are hosted have not been published.

Advertising

The decision to buy more bitcoin by the Salvadoran government ignores the warnings of the risk rating agency Moody’s. CriptoNoticias recently reported that the US firm, through one of its analysts, told the Bloomberg agency that continuing to buy bitcoin was risky for El Salvador.

4 months after the Bitcoin Law and the first BTC purchases from the Salvadoran government

In June 2021, El Salvador became the first country in the world to give bitcoin the title of legal tender. The Legislative Assembly of this country approved with a qualified majority the so-called Bitcoin Law, after the initiative expressed by President Bukele.

Between September 6 and 7, 2021, a couple of months later, El Salvador bought its first 550 BTC, just as the Bitcoin Law came into force. The transactions, according to the bitcoin market price at the time, exceeded $27 million.





www.criptonoticias.com