El Salvador Buys the Dip, Adds 410 More Bitcoins During Crypto Selloff

El Salvador Buys the Dip, Adds 410 More Bitcoins During Crypto Selloff
The ongoing Bitcoin selloff can be confusing for inexperienced traders, but true believers are using this opportunity to expand their crypto wallets and buy Bitcoin at a cheaper price. The President of El Salvador has announced that the country has bought another 410 Bitcoins.

El Salvador President Naib Bukele confirmed on Saturday that the country had bought 410 BTC as the price of the cryptocurrency fell below $37,000, last seen in July 2021. The total purchase was $15 million with the price at approximately $36,585 per BTC.

El Salvador adopted BTC as legal tender on September 7, 2021, as a means of coping with catastrophic inflation as the country's purchasing power weakens. To date, in just four months, the country has strategically accumulated 1801 BTC. Buying is especially relevant now, when the cost of the main cryptocurrency continues to decline.

The country is trying to make the most out of today's market situation, and its latest purchase is currently the cheapest purchase since El Salvador adopted BTC as legal tender. Bukele believes that “some guys are selling really cheap,” showing that he has a long-term vision for the cryptocurrency.

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


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

About the Author

Eva Fox

Eva Fox

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.

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