El Salvador continues its dip-buying since it has become the first country in the world last year to make Bitcoin (BTC) legal tender in September of last year.
After having been accumulating coins on multiple previous favorable conditions, El Salvador’s ‘Bitcoin President’, Nayib Bukele, revealed on Monday that the country made its tenth purchase adding another 500 coins of the flagship cryptocurrency to its treasury, worth roughly $15.3 million.
El Salvador just bought the dip!
500 coins at an average USD price of ~$30,744
#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
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El Salvador’s Bitcoin holdings are an estimated 2,301 coins worth just over $71 million at time of writing.
The country recently postponed its $1 billion Bitcoin bonds offering due to “unfavorable market conditions”. Part of the proceeds will be used to fund the construction of the geothermal powered ‘Bitcoin City’.
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Source: Igaming
