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.
El Salvador just bought the dip! 🇸🇻— Nayib Bukele (@nayibbukele) May 9, 2022
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
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.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.