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El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath

News Feed - 2022-05-10 09:05:48

El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath


El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether. El Salvador Buys the Bitcoin Dip


Amid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.



His tweet came as the crypto market lost billions, and the price of bitcoin fell more than 50% from its all-time high.


At the time of writing, BTC is trading at $31,607. It was down 8.5% in the last 24 hours, 18.1% in the past 7 days, and 25.4% in the last 30 days.


El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.


Since then, the company has been purchasing bitcoin periodically. After an initial purchase of 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins.


According to one estimate, El Salvador’s total bitcoin holdings have lost more than $30 million in value. Nonetheless, President Bukele is still bullish about bitcoin, expecting the price of BTC will reach $100K this year.


El Salvador also plans to issue bitcoin bonds but the launch date has not been set. Alejandro Zelaya, El Salvador’s treasury minister, explained that the market conditions and the Russia-Ukraine war have affected the bond issuance. “We are waiting for the right moment and the president says when … It depends on how the market is,” he noted. Tags in this story Bitcoin, Bitcoin sell-off, buy the Bitcoin dip, buy the dip, buying the dip, Crypto, crypto sell off, Cryptocurrency, cryptocurrency bloodbath, el salvador buys bitcoin


What do you think about El Salvador buying 500 bitcoins after the price of the cryptocurrency plunged 50%? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. BIS: 9 out of 10 Central Banks Worldwide Are Exploring Digital Currencies — Driven by Crypto Market FEATURED | 5 hours ago 2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K" FEATURED | 10 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’ Next articleBIS: 9 out of 10 Central Banks Worldwide Are Exploring Digital Currencies — Driven by Crypto Market 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 More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


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