El Salvador Purchases 410 More Bitcoins Amid Market Drop, President Bukele Says

The nation now has over 1,500 bitcoins and plans to issue a $1 billion, 10-year bitcoin bond this year.

AccessTimeIconJan 21, 2022 at 11:37 p.m. UTC
Updated Jan 24, 2022 at 10:23 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

El Salvador bought 410 bitcoin (BTC) for $15 million Friday, President Nayib Bukele said on Twitter.

  • “Some guys are selling really cheap,” he added in his tweet.
  • It is difficult to verify such claims on the public blockchain because a buyer of a block of BTC at that size would almost certainly have to buy it in smaller chunks to avoid slippage.
  • Bitcoin was down about 12% late Friday to the $36,500 level as broader crypto prices also retreated.
  • The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year.
  • Bukele has been a consistent dip buyer over the past couple of months in a sign of confidence in the cryptocurrency's long-term prospects.
  • Bitcoin officially became legal tender in El Salvador in September, three months after the country’s legislature passed the Bitcoin Law.

UPDATE (Jan. 22, 2022, 1:06 UTC): Adds bullet point on the difficulty of verifying claims on the public blockchain.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.