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El Salvador buys 500 BTCs as Bitcoin briefly plunges to a 10-month low

With its recent purchase, El Salvador’s Bitcoin reserve rose to 2,301 BTCs, worth around $73.4 million at current prices.

Photo by Roy Buri of Pixabay

Tue, 10 May 2022, 08:47 am UTC

Known as the first country to adopt Bitcoin as legal tender, El Salvador’s government remains fully convinced of BTC’s long-term potential. In fact, the recent crypto market decline has not dimmed this optimism one bit as the country even added more Bitcoin to its stash taking advantage of crypto’s lower price.

On Monday, El Salvador President Nayib Bukele announced on Twitter that his country bought the dip. The government added 500 BTCs to its stash amidst the massive sell-off that pulled Bitcoin’s price to a ten-month low.

“El Salvador just bought the dip!” Nayib Bukele tweeted. “500 coins at an average USD price of ~$30,744.” This means that the country paid around $15.5 million for the crypto purchase.

The president also highlighted the fact that he already made a paper gain just hours after making the purchase. “I could sell these coins right now and make almost a million dollars in just 11 hours, but of course not,” Bukele added.

Bitcoin plunged to as low as $29,961.93 per coin on Tuesday as both traditional financial and crypto markets suffered massive sell-offs due to the Fed’s aggressive monetary tightening and concerns of a recession. However, the crypto managed to quickly recover and BTC resumed trading at $31,908.84 at the time of writing.

The transaction is El Salvador’s tenth and largest Bitcoin purchase since it started adding the crypto to its balance sheet in September 2021, according to Coindesk. The last purchase was made on January 21, 2022, when it acquired 410 BTCs at an average price of $36,585 per coin.

“El Salvador just bought 410 #bitcoin for only 15 million dollars,” President Nayib Bukele tweeted in January. “Some guys are selling really cheap.”

With its recent purchase, El Salvador’s Bitcoin reserve rose to 2,301 BTCs. The country’s Bitcoin stash is worth around $73.4 million at current prices.

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