El Salvador Purchases 500 Bitcoins amid the Current Bear Market

Amid the current Bitcoin sell-off, the El Salvador president has said that they have acquired 500 additional BTCs. Since the adoption of Bitcoin as part of the country’s legal tender, the country has purchased 2,301 BTC altogether.

El Salvador Purchases Bitcoin Dip 

As the crypto market takes a strong downtrend, El Salvador is seeing opportunities and has already jumped in to buy BTCs. Nayib Bukele, the country’s president, announced that the country has bought 500 more Bitcoins at an average price of USD 30,744.

This news was unveiled as the crypto market shed off billions, with the Bitcoin price dropping more than 50% from the high reached in November 2021. El Salvador made history by becoming the first nation to make BTC the legal tender in September 2021. 

Since then, the country has been buying Bitcoins, with the initial batch being 700 BTC. Then, the government bought 420 BTC more in Oct and 100 BTC in November 2021. In December 2021 and January 2022, the country’s crypto wallet was topped with 171 BTC and 410 BTC more, respectively. The purchase this Monday, 9th May 2022, means that the total BTC held by El Salvador is 2,301.

One of the sources indicated that when pooled together, the Bitcoins held by El Salvador have lost a total of USD 30 million. However, president Bukele remains bullish about the coin and is of the view that the value will shoot up and reach USD 100 before the end of the year. 

The country is also planning to issue Bitcoin bonds but is yet to set the date. According to Alejandro Zelaya, the minister of treasury in El Salvador, the Russia-Ukraine war and prevailing market conditions have negatively impacted the bond issuance. He added that they are only waiting for the right moment. 

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