El Salvador purchased the dip when bitcoin prices plunged to an all-time low. According to President Nayib Bakele, his country purchased another 410 bitcoins on Friday. Since cryptocurrency became legal tender, 1,801 Bitcoins have been purchased by the Salvadoran government.
El Salvador buys the dip
Nayib Bukele the president of El Salvador tweeted Friday that his nation had purchased 410 BTC at $15 million. Having paid about $36,585 per coin, Bukele wrote, “Some guys are selling really cheap.”
Bukele said in the same tweet that the dip was not missed. “Nope, I was wrong, didn’t miss it,” the Salvadoran president wrote in response to his own tweet on Jan. 14 that says, “I think I might have missed the dip this time.”
Based on data from Bitcoin.com Markets, the bitcoin price began to fall sharply in November 2013. It was above $67K at its peak. BTC began the year at $47K, and fell to below $41K in January. After a slow climb back up, the crypto moved in a sideways direction until it plunged to $41K on Jan. 8. BTC’s current price is $35,713.02 at the time of this writing
Bukele felt that bitcoin had not moved in the right direction, and thought it was a mistake. BTC traded at $43K as of Jan. 14th.
Bitcoin’s price has declined almost 8 percent in 24 hours. This is in addition to a drop of almost 17% in seven days and nearly 29% over 30 days. It is up by 15.4% over the past year.
El Salvador passed legislation making bitcoin legal tender in September 2013. It has continued to be a frequent purchaser of bitcoin since then.
In September last year, El Salvador bought 700 bitcoins. In October and November El Salvador purchased 420 BTC, 100 BTC, 171 BTC, respectively. El Salvador purchased 1,801 BTC in total with the most recent purchase.
Bukele has made some optimistic predictions about 2022 regarding bitcoin earlier in the month. Bukele expects the bitcoin price to rise to $100,000 in 2018. He also believes that two other countries will adopt BTC legal tender. He also said that El Salvador’s Bitcoin City will commence construction during the year and the country’s volcano bonds will be oversubscribed.
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