El Salvador doubled its commitment to bitcoin despite the steep sell-off on the cryptocurrency market. According to Nayib Bukele, Salvadoran president, 80 additional bitcoins have been purchased.
El Salvador Purchased the Bitcoin Dip
Nayib Bakele, president of El Salvador. announcedOn Thursday, he announced that 80 bitcoins were added to his country’s total. BTC trades at $20,323. BTC traded at $20,323, a drop of just $18,784, shortly after Bukele’s announcement. El Salvador’s president stated that bitcoin was purchased by him at $19,000 per unit.
As bitcoin prices continued to decline, criticisms poured in about the Salvadoran government’s cryptocurrency investments. BTC was made legal tender in the same way as the U.S. Dollar by El Salvador last September. It has bought 2,381 bitcoins since then.
Bukele shared some helpful advice with bitcoin investors earlier in the month. “Stop looking at the graph and enjoy life. BTC is a safe investment and it will grow in value after the bear market. Patience is the key,” the president of the Central American country tweeted.
Furthermore, Finance Minister Alejandro Zelaya recently stated that El Salvador’s “fiscal risk” from bitcoin investment “is extremely minimal.”
Do you have any thoughts about El Salvador buying bitcoins during a market crash? Please comment below.
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