El Salvador

El Salvador snaps up $15 mln in Bitcoin after price plunge

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El Salvador this week bought 500 Bitcoins for US$15.37 million, taking advantage of a sharp price decline to add to its holdings of the cryptocurrency, which is also legal tender in the Central American country. 

See related article: El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes

Fast facts

  • “El Salvador just bought the dip!” the country’s Bitcoin-enthusiast President Nayib Bukele tweeted on Monday about the purchase made at an average price of US$30,744.
  • Bitcoin’s price plunged by as much as 9.1% over the past 24 hours, tumbling below US$30,000 for the first time since July 2021, according to data from CoinGecko.
  • El Salvador, the world’s first country to adopt Bitcoin as legal tender, has been on a Bitcoin buying spree following its most recent purchase in January of 410 Bitcoins at an average price of US$36,585.
  • In January, the International Monetary Fund urged El Salvador to drop Bitcoin as legal tender due to risks of market integrity, financial stability and consumer protection.
  • Bitcoin was trading at US$31,161 at press time.

See related article: Has Bitcoin become a victim of its own success?

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