El Salvador Acquires 500 Additional Bitcoin Amid Market Drop
President Nayib Bukele tweeted that his country “just bought the dip.”
Updated May 11, 2023 at 6:55 p.m. UTC
- According to Bukele, the average price El Salvador paid for each bitcoin was $30,744. The price of bitcoin has dropped almost 10% to $31,053 over the last 24 hours.
- The bitcoin purchase made on Monday appears to be the tenth and the largest made by El Salvador so far.
- On Jan. 21, El Salvador made its last bitcoin purchase, acquiring 410 bitcoins at an average price of $36,585 per coin.
- El Salvador now appears to hold around 2,301 bitcoins, currently worth just under $71 million.
- El Salvador postponed its planned $1 billion bitcoin bond offering in March because of unfavorable market conditions, according to Finance Minister Alejandro Zelaya.