El Salvador Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months

El Salvador Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months – Featured Bitcoin News

El Salvor bought the dip as the price of bitcoin plunged to a record low. President Nayib Bukele said Friday that his country has purchased 410 more bitcoins. The Salvoran government has bought a total of 1,801 bitcoins since the cryptocurrency was me legal tender in the country.

El Salvor Buys the Dip

The president of El Salvor, Nayib Bukele, tweeted Friday that his country just bought 410 BTC for $15 million. Having paid about $36,585 per coin, Bukele wrote, “Some guys are selling really cheap.”

In the same tweet, Bukele also stated that he did not miss the dip after all. “Nope, I was wrong, didn’t miss it,” the Salvoran president wrote in response to his own tweet on Jan. 14 that says, “I think I might have missed the dip this time.”

The price of bitcoin began a steep decline in early November last year from above $67K, based on data from Markets. BTC started the year around $47K but fell below $41K on Jan. 8. The crypto then slowly crept back up and moved sideways until Jan. 20 when it suffered a sharp decline. At the time of writing, the price of BTC is $35,713.02.

While bitcoin was moving sideways, Bukele thought he missed the dip. On Jan. 14, BTC was hovering around $43K.

Bitcoin’s price chart. Source: Markets

At the time of writing, the price of bitcoin has dropped almost 8% in the last 24 hours, more than 17% in the past seven days, and almost 29% in the past 30 days. However, it is still up 15.4% for the year.

El Salvor passed a bitcoin law making BTC legal tender alongside the U.S. dollar in September last year. Since then, it has been a regular purchaser of bitcoin.

In September last year, El Salvor bought 700 bitcoins. The country ditionally bought 420 BTC in October, 100 BTC in November, and 171 BTC in December. With the latest purchase, El Salvor has bought 1,801 BTC altogether.

Earlier this month, Bukele me some bullish predictions for 2022 about bitcoin. Besides expecting the price of bitcoin to reach $100,000 this year, the Salvoran president foresees two more countries opting BTC as legal tender. He also said that El Salvor’s Bitcoin City will commence construction during the year and the country’s volcano bonds will be oversubscribed.

What do you think about El Salvor buying the dip again? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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ARTICLE: El Salvor Buys 410 Bitcoins as BTC Plunges to Lowest Level in Months – Featured Bitcoin News
PUBLISHED: 2022-01-23 00:30:07 
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