El Salvador buys 410 Bitcoins when BTC plummets to lowest level in months – Featured Bitcoin News
El Salvador bought a fall when the price of bitcoin plummeted to a record low. President Nayib Bukele said on Friday that his country has bought 410 more bitcoins. The Salvadoran government has bought a total of 1801 bitcoins since the cryptocurrency was made the legal tender in the country.
El Salvador buys dip
El Salvador̵[ads1]7;s president, Nayib Bukele, tweeted on Friday that his country had just bought 410 BTC for $ 15 million. After paying around $ 36,585 per coin, Bukele wrote, “Some guys sell very cheaply.”
In the same tweet, Bukele also stated that he did not miss the dip anyway. “No, I was wrong, did not miss it,” the Salvadoran president wrote in response to his own January 14 tweet, saying, “I think I may have missed the dip this time.”
The price of bitcoin began a sharp decline in early November last year from over $ 67K, based on data from Bitcoin.com Markets. BTC started the year around $ 47K, but fell below $ 41K on January 8th. The crypto then slowly crept up again and moved sideways until 20 January when it fell sharply. At the time of writing, the price of BTC is $ 35,713.02.
As bitcoin moved sideways, Bukele thought he missed the dive. On January 14, BTC swung around $ 43K.
At the time of writing, the price of bitcoin has fallen almost 8% in the last 24 hours, more than 17% in the last seven days and almost 29% in the last 30 days. However, it is still up 15.4% for the year.
El Salvador passed a bitcoin law that made BTC a legal tender along with the US dollar in September last year. Since then, it has been a regular buyer of bitcoin.
In September last year, El Salvador bought 700 bitcoins. The country also bought 420 BTC in October, 100 BTC in November and 171 BTC in December. With the latest purchase, El Salvador has purchased 1801 BTC in total.
Earlier this month, Bukele made some bullish predictions for 2022 about bitcoin. In addition to expecting the price of bitcoin to reach $ 100,000 this year, the Salvadoran president predicts that two more countries will use BTC as their legal tender. He also said that El Salvador’s Bitcoin City will start construction during the year and the country’s volcanic bonds will be oversubscribed.
What do you think about El Salvador buying the dip again? Let us know in the comments section below.
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