🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

El Salvador buys the dip, adds nearly $25 million worth of Bitcoin to its stash

Published 10/28/2021, 08:35 PM
© Reuters.  El Salvador buys the dip, adds nearly $25 million worth of Bitcoin to its stash
BTC/USD
-

On Wednesday, El Salvador's president Nayib Bukele revealed that his government had purchased an additional 420 Bitcoin, increasing the total number of Bitcoin in its portfolio to 1,120 BTC.

According to data on TradingView, Bitcoin was trading at around $58.9K at the time the purchase was announced, putting the value of the transaction at around $24.7 million.

The purchase comes barely a month after the Central American nation added an extra 150 BTC to its crypto holdings, adding to the 550 BTC it previously accumulated.

Bukele tweeted Wednesday, "We just bought the dip!” a similar phrase he used after the September purchase.

Recall that Bitcoin became legal tender in El Salvador on September 7 following the passage of the Bitcoin Law this summer. However, the move was met with several criticisms that led to protests and the eventual destruction of properties.

Nevertheless, the Salvadorian government has not been deterred by the challenges and has continued to roll out Bitcoin-based innovations within the country.

Continue reading on BTC Peers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.