El Salvador Buys the Dip: Adds 80 BTC at $19K
The government of El Salvador purchased 80 BTC amid the cryptocurrency market crash. The country spent over $1.5 million to acquire the assets.
El Salvador made the headlines last year, becoming the first nation to make bitcoin legal tender inside its borders.
Apart from its entrance into the ecosystem, the Central American country has also been purchasing BTC, most frequently during price drops.
In a recent tweet, President Nayib Bukele announced that the country used the ongoing collapse to increase its crypto stash with additional 80 bitcoins. The amount was bought at a price of $19,000 per coin, meaning that El Salvador spent a little over $1.5 million.
Similar to his previous statements, Bukele described the primary cryptocurrency as the future, appreciating its current low USD valuation now.
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
Thank you for selling cheap pic.twitter.com/ZHwr0Ln1Ze
— Nayib Bukele (@nayibbukele) July 1, 2022
Adding the latest purchase to the equation, it means that El Salvador now has a total of 2,381 BTC. To acquire the amount over the past several months, the country paid over $105 million. However, due to the current drawback, the nation now sits on nearly $60 million in unrealized losses.
Not long ago, the Finance Minister Alejandro Zelaya maintained that the adverse conditions are unlikely to hurt El Salvador’s fiscal health:
“When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile. The fiscal risk is extremely minimal.”