Fun

El Salvador Buys More Bitcoin: 420 BTC Added to Treasury

News Feed - 2021-10-29 12:10:36

El Salvador Buys More Bitcoin: 420 BTC Added to Treasury


El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has bought the dip again. The Salvadoran government has purchased a total of 1,120 bitcoins, currently worth more than $68 million. El Salvador’s Bitcoin Holdings Grow


El Salvador has bought the dip again, taking advantage of the falling price of bitcoin on Wednesday. President Nayib Bukele tweeted: “It was a long wait, but worth it. We just bought the dip.”



At the time of writing, the price of bitcoin is $61,129, down from an all-time high of almost $67,000 on Oct. 19 based on data from Bitcoin.com Markets.


The country made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC was around $46,000.


The day before its Bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. On Sept. 7, the price fell slightly, allowing the country to buy the dip (150 BTC). On Sept. 20, Bukeke said his country bought the dip again (150 more BTC), adding, “El Salvador now holds 700 coins.”


With 420 new coins, El Salvador has purchased a total of 1,120 BTC, worth more than $68.5 million at the time of writing.


What do you think about El Salvador repeatedly buying the dip? Let us know in the comments section below. Matt Damon Stars in Global Crypto Ad "Fortune Favours the Brave" to Air in 20 Countries NEWS | 3 mins ago Islamic Organization in Indonesia Issues Fatwa Against Cryptocurrency NEWS | 9 hours ago Tags in this story bitcoin legal tender, Bitcoin Price, buy the dip, buying bitcoin, El Salvador, el salvador bitcoin, El Salvador’s bitcoin, Nayib Bukele


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed
South Korean province implements digital system to track tax evaders’ crypto
David Attlee8 minutes agoSouth Korean province implements digital system to track tax evaders’ cryptoThe Gyeonggi Tax Department used the resident registration data of “delinquents,” tracing their mobile phone numb
2024-02-22 17:51 PM
ETH valuation metric is ‘heating up,’ but analyst says it’s not overvalued
Ciaran Lyons5 hours agoETH valuation metric is ‘heating up,’ but analyst says it’s not overvaluedCryptoQuant CEO Ki Young Ju noted that while Ethereum’s MVRV is rising quickly, onchain activity levels suggest it
2024-06-20 12:50 PM
IMF Says Sub-Saharan Africa Already Feeling Effects of the ‘Big Funding Squeeze’
IMF Says Sub-Saharan Africa Already Feeling Effects of the "Big Funding Squeeze" Countries from the Sub-Saharan Africa (SSA) region face a “big funding squeeze” which i
2023-04-18 11:40 AM
Turner Wright7 hours agoCoinbase cites SEC action against Kraken in push for crypto rulemakingThe Nov. 22 letter claims that “only mandamus will impel the [SEC] to fully, finally acknowledge that Coinbase’s petition
2023-11-23 01:11 AM
Amaka Nwaokocha13 hours agoNetflix eyes AI amid Hollywood strike, offers high-paying AI positionsThe positions come with six-figure salaries, ranging from $450,000 to $650,000 for the Technical Director role and $300,000
2023-07-27 19:48 PM
Undefeated Gilberto ‘Zurdo’ Ramirez Heads to the Ring With Bitcoin.com in His Corner
Undefeated Gilberto ‘Zurdo’ Ramirez Heads to the Ring With Bitcoin.com in His Corner Gilberto ‘Zurdo’ Ramírez, a Mexican boxer with an impeccable professiona
2021-12-16 16:30 PM
David Attlee4 hours agoThe end of an era for Binance, troubles for Kraken: Law DecodedBinance and CZ’s ongoing legal drama with United States law enforcement ended with a plea deal.1267 Total views14 Total sharesListen
2023-11-28 05:00 AM
Ethereum Breaks Barriers, Targets $6K Amid Record ETF, TVL Activity
Este artículo también está disponible en español. The increasing prominence of Ethereum is once again in the spotlight, as recent data indicates a substantial inflow of f
2024-12-06 01:00 AM
Thailand Relaxes Tax Rules for Crypto Investors, Scrapping 15% Withholding Tax
Thailand Relaxes Tax Rules for Crypto Investors, Scrapping 15% Withholding Tax Thailand has relaxed tax rules for cryptocurrency investors, scrapping its planned 15% withholding ta
2022-02-03 11:30 AM
South Africa Ransomware Attack: Justice Department Denies Receiving 50 BTC Ransom Demand
South Africa Ransomware Attack: Justice Department Denies Receiving 50 BTC Ransom Demand South Africa’s Department of Justice and Constitutional Development (DOJCD) has deni
2021-09-22 22:30 PM
Bitcoin’s Hashrate Slides 15% in 10 Days, Price and Difficulty Puts Pressure on BTC Miners
Bitcoin"s Hashrate Slides 15% in 10 Days, Price and Difficulty Puts Pressure on BTC Miners The price of bitcoin has been on a long losing streak since November 10, 2021, when the l
2022-01-11 03:30 AM
Prashant Jha4 hours agoSushi to test Bitcoin swaps and Opyn DeFi protocol founders cave to CFTC pressure: Finance RedefinedSushi is set to test Bitcoin swaps on 30 different blockchains using the interpretability protoco
2023-11-18 04:25 AM