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El Salvador President Says Country Spent $15M on Latest Bitcoin 'Dip'

10 May, 20222 min readBitcoin
El Salvador President Says Country Spent $15M on Latest Bitcoin 'Dip'

El Salvadoran President Nayib Bukele tweeted Monday that the Latin American country bought another 500 Bitcoin (around $15.3 million) during the current market correction, putting the total number of BTC owned by El Salvador at over 2,300 (around $72.5 million).

“El Salvador just bought the dip!” Bukele tweeted, adding that his government purchased at an average price of $30,744.

The price of Bitcoin has fallen more than 11% in the last 24 hours, with the rest of the crypto market moving in the same downward direction. Many long-term Bitcoin holders look to "buy the dip" and purchase the asset while it's trending downward.

That includes El Salvador.

El Salvador just bought the dip! 🇸🇻500 coins at an average USD price of ~$30,744 🥳#Bitcoin— Nayib Bukele (@nayibbukele) May 9, 2022

In September 2021, El Salvador became the first country to make Bitcoin legal tender. While celebrated by many Bitcoin advocates, the plan has met with mixed reactions globally. The move elicited warnings from the International Monetary Fund (IMF) and U.S. government officials.

In addition to pursuing opportunities in geothermal Bitcoin mining, the country has also been building up its own stockpile of Bitcoin for its reserves. But it's unclear who exactly is buying the Bitcoin—Bukele or the government—and who controls the private keys to the wallet.

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