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El Salvador buys as bitcoin price plummets to all-time lows. President Nayib Bukele said Friday that his country has purchased 410 bitcoins. El Salvador’s government has purchased a total of 1,801 bitcoins since the cryptocurrency became legal tender in the country.
El Salvador buys down
El Salvador’s President Nayib Bukele tweeted on Friday that his country had just purchased 410 bitcoin $15 million. Paying about $36,585 per coin, Bukele wrote, “some are selling for very cheap.”
In the same tweet, Bukele also said he didn’t miss the drop after all. “No, I was wrong, didn’t miss,” El Salvador’s president wrote in response to his own tweet on Jan. 14. “I think I may have missed the dip this time.”
According to Bitcoin.com Markets, the price of bitcoin began to fall sharply from above $67,000 in early November last year. bitcoin The price started the year at around $47,000, but fell below $41,000 on Jan. 8. The cryptocurrency then slowly recovered and traded sideways until it fell sharply on January 20.At the time of writing, the price bitcoin is $35,713.02.
When Bitcoin traded sideways, Bukele thinks he missed the dip. January 14, bitcoin Hovering around $43K.
At the time of writing, the price of Bitcoin is down nearly 8% in the past 24 hours, more than 17% in the past 7 days, and nearly 29% in the past 30 days. However, it is still up 15.4% this year.
El Salvador Passes Bitcoin Legislation bitcoin Fiat currency that was tied with the US dollar last September. It has been a regular buyer of Bitcoin since then.
Last September, El Salvador purchased 700 bitcoins. Bought another 420 in China bitcoin October, 100 bitcoin November, 171 bitcoin exist December. El Salvador recently purchased 1,801 bitcoin common.
Earlier this month, Bukele made some bullish forecast 2022 on Bitcoin.In addition to predicting that the price of Bitcoin will reach $100,000 this year, El Salvador’s president also expects two more countries to adopt bitcoin as legal tender. He also said that construction on El Salvador’s Bitcoin City will begin within the year and the country’s Volcano bond will be oversubscribed.
What do you think of El Salvador buying the dip again? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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