El Salvador Buys Another 500 Bitcoin Amid Market Pullback
El Salvador president Nayib Bukele has announced another Bitcoin purchase amid the current crypto market turmoil.
Over Twitter, Bukele claimed to have bought exactly 500 Bitcoin for an average of $30,744 dollars each on Monday.
The president, who has admitted to making Bitcoin buys from his phone using the country’s money, referred to the purchase as “buying the dip”.
As of today, Bitcoin has closed its 6th consecutive red weekly candle for the first time since 2014.
It’s also reached the lowest price point since July of 2021 and is more than 50% below its all-time high.
Bitcoin collapsed as low as $31,000 earlier today, wiping $300 million in open interest from the crypto markets within an hour. It now trades even lower at $30,972 at the time of writing.
Bukele has never been one to fear the market, however. He has been known to buy more Bitcoin whenever its price drops, intent on collecting as many as possible.
The International Monetary Fund has repeatedly called on the president to roll back El Salvador’s adoption of Bitcoin, citing such volatility. Bukele has dismissed them at every turn.
El Salvador’s last big Bitcoin purchase was in January when it secured 410 Bitcoin for $15 million. By comparison, today’s purchase of 500 coins costs roughly $15.3 million.
This brings the country’s estimated Bitcoin holdings to about 2301.
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