El Salvador Adds 500 Bitcoins Amid Crypto Sell-Off

by Eva Fox May 09, 2022

El Salvador Adds 500 Bitcoins Amid Crypto Sell-Off

El Salvador has just added another major purchase of $15.5 million in Bitcoin as the world's most popular cryptocurrency continues to sell-off. President Naib Bukele revealed that the country has added another 500 Bitcoins to the state treasury, the biggest purchase since it first started adding the digital currency.

El Salvador just added 500 Bitcoins to its balance—spending $15.5 million to buy them. This comes as the digital gold continues to decline in price, which makes it possible to buy at discounted prices. The President of El Salvador, Naib Bukele, shared the news on Twitter. He said that the average price for 1 BTC was about $30,744.

This was El Salvador's biggest purchase of Bitcoin since it first started adding digital currency to its treasury in September 2021. Over the past 24 hours, Bitcoin has fallen over 8% and is almost 55% below its all-time high in November. This is a good time to buy crypto. After the last purchase, the country's total reserve is 2,301 Bitcoins or about $71.7 million at current prices.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts, you can follow him on Twitter

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