El Salvador Steps in and Buys the Dip, Owns 700 Bitcoins
- El Salvador’s President Nayib Bukele jumps at the chance to buy bitcoin on discount
- The small Central American country now holds 700 bitcoins
President Bukele Buys the Bitcoin Dip
El Salvador took its chance and dived into the bitcoin market on Monday when major cryptocurrencies, including bitcoin, were on discount.
Nayib Bukele, the president of El Salvador, announced the country has bought 150 more bitcoin. The purchase was made early Monday as the leading digital currency was trading lower to start the week.
“We just bought the dip,” Mr. Bukele said on Twitter. “150 new coins! El Salvador now holds 700 coins.”
In a follow-up tweet, the president of El Salvador said “they can never beat you if you buy the dips.” He continued with another tweet, saying that this can be considered “presidential advice.”
El Salvador’s latest purchase brings total bitcoin holdings of the small Central American country to 700 bitcoins worth roughly $30 million.
Bitcoin Continues to Trade on Discount
At the time of the purchase, bitcoin was trading about 5% lower on the day, hovering near $45,000. This would technically mean that, by today’s prices, you could get into bitcoin at a better price than what the president of El Salvador paid for their 150 new coins.
The price of the flagship token early on Tuesday hovers slightly below $43,000 per token.
El Salvador’s activity in the bitcoin market is yet to bring rewards. The country first purchased 400 bitcoins on Sept. 6, a day before Salvadorans became the first nation to formally adopt bitcoin as legal tender. Back then, the original cryptocurrency was trading just below $53,000.
A day later, on September 7, when the official rollout arrived, bitcoin dipped 10%. President Bukele was quick to grab the opportunity and plowed about $7 million into 150 bitcoins, increasing the stack to a total of 550 bitcoins.
El Salvador’s bitcoin experiment is the first of its kind as never before has a nation approved any cryptocurrency as a national currency.