Despite the present crypto market upheaval, El Salvador’s president, Nayib Bukele, has revealed another Bitcoin purchase.
Bukele stated on Twitter that on Monday, he purchased exactly 500 Bitcoin for an average of $30,744 apiece.
The president, who has acknowledged buying Bitcoin using the country’s money via his phone, referred to the transaction as “buying the dip.”
For the first time since 2014, Bitcoin has ended its 6th consecutive red weekly candle today. It has also dropped to its lowest point since July 2021 and is now more than 50% below its all-time high. Bitcoin fell to $31,000 earlier today, wiping over $300 million in open interest in the crypto exchanges in less than an hour. It is currently trading at $30,972 at the time of writing.
Bukele, on the other hand, has never been afraid of the market. When the price of Bitcoin falls, he is known to buy more in order to amass as many as possible. The IMF has frequently urged the president to reverse El Salvador’s acceptance of Bitcoin, noting the currency’s volatility. At every stage, Bukele has dismissed them.
El Salvador’s most recent large Bitcoin purchase occurred in January when it paid $15 million for 410 Bitcoin. A purchase of 500 coins now would cost around $15.3 million. The country’s projected Bitcoin holdings are now about 2301.
