El Salvador’s president Nayib Bukele confirmed the country’s largest Bitcoin purchase to date amid a massive drop in the cryptocurrency market. He announced it in a tweet Monday, saying:
“El Salvador just bought the dip! The average price was $30,744 for 500 coins.”
El Salvador continues to buy Bitcoin
The entire $15.3 million purchase will be added to El Salvador’s growing Bitcoin reserves. Total reserves of 1,620 Bitcoin currently stand at $49.5 million. The current price of Bitcoin is circulating around $30,600.
The Bitcoin price even briefly crashed below the psychological level of $30,000 yesterday. The price has since recovered somewhat and is at around $31,700 at the time of writing. Despite the crash, Bukele has thus bought 500 BTC tokens.
On September 6, 2021, El Salvador bought 200 Bitcoins for the first time. Back then, the president already indicated that much more Bitcoin would be bought in the future. El Salvador became the first country that day to list Bitcoin on its balance sheet. El Salvador declared the next day that Bitcoin would be accepted as a legal method of payment.