Bitcoin’s price at press time was $22,400.
President Nayib Bukele has announced 10 purchases of bitcoin since September 2021, with the country at last check holding 2,301 bitcoins acquired at an average price of $45,171 each.
The country’s most recent buy was on May 9, when Bukele stepped in front of bitcoin’s decline then to purchase 500 coins for $15.3 million, or an average price of $30,744 each. Bukele, to this point, hasn't announced any purchases during the plunge of the past few days.
On Monday, El Salvador Finance Minister Alejandro Zelaya said the bitcoin losses posed “extremely minimal” risk to his country’s fiscal position, noting the amount is less than 0.5% of the government's budget. He also is that any loss for now is unrealized because the country hasn’t sold any of its coins.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.