On the last drop: El Salvador buys 410 Bitcoin for $15 million
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Answer On the last drop: El Salvador buys 410 Bitcoin for $15 million
Naguib Bukele, the president of El Salvador, was recently concerned that his country was losing the opportunity to buy bitcoin at a cheaper rate.
But Bitcoin re-presented an opportunity for El Salvador to buy the decline again, which is what happened, as El Salvador added 410 Bitcoin to its treasury.
The small Central American country made history last year when it became the first country to adopt the primary cryptocurrency as legal tender within its borders.
Since then, many pro-Bitcoin initiatives have started and the country often buys more BTC.
Although total investment was $10 million lower at the start of January, President Bukele said he was concerned that the country had failed to buy more bitcoin during the recent crashes in market prices.Read:JP Morgan warns of a bear market coming to Bitcoin!
This happened when Bitcoin dropped to $40,000 but immediately rebounded to around $44,000.
However, the cryptocurrency has plunged again in the past few days, losing nearly $9,000 in a span of two days.
This allowed El Salvador to make one of its biggest purchases to date, which the president announced on Twitter.
Nope, I was wrong, I didn’t miss her.
El Salvador just bought 410 # bitcoin For only $15 million
Some guys sell really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
– Nayib Bukele 🇸🇻 (nayibbukele) Jan 21 2022
In all, the country bought 410 bitcoins at a value of approximately $15 million, an average of $36,585 per bitcoin.
However, total bitcoin investment in the country remains in the red, with the El Salvador wallet estimated to have fallen by nearly $20 million so far.Read:Binance’s acquisition of FTX and a shift in rhetoric between the heads of the two companies (Binance and FTX)
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