Sign In

EL SALVADOR BUYS THE WILD BITCOIN DIP WITH 500 BTC PURCHASE

President Nayib Bukele announced the purchase of another 500 BTC leaving the total reserves of El Salvador at 2,301 BTC valued at $74 million.

  • El Salvador bought the dip with a purchase of 500 BTC.
  • The BTC purchase bolsters the already stacked reserves of El Salvador with a total of 2,301 BTC currently valued at $72 million at time of writing.
  • President Bukele has a proven track record of dip-buying bitcoin during flash crashes.

El Salvador just bought the wild Bitcoin dip today with a 500 BTC purchase, at an average price of $30,744, according to a tweet from President Nayib Bukele.

The total purchase price comes to $15.3 million adding to the growing bitcoin reserves of El Salvador. With a cumulative 2,301 BTC the total reserves currently sit at $72 million with the current price of BTC hovering at $31,600, down from the all-time-highs of over $67,000.

As bitcoin is currently experiencing a flash crash and teeters the support of $30,000 the notorious pro-bitcoin president has quite the history of acquiring large amounts of BTC during dip-buying opportunities.

On September 6th, 2021 President Bukele announced to the world that El Salvador purchased 200 BTC and said that “Our brokers will be buying a lot more.” On that day, El Salvador became the first nation-state to put bitcoin on the balance sheet.

The following day, El Salvador announced that Bitcoin would be recognized as legal tender. On the same day, the price of BTC fell from $51,000 to $43,000, where Bukele once again announced that El Salvador had bought the dip for another 150 BTC, bringing the total reserves to 550 BTC.

On September 20th, 2021 President Bukele again bolstered the nation’s bitcoin reserve when BTC dipped to $45,500, down from its $50,000 highs. Through successive dip buys, the nation-state managed to acquire another 150 BTC equalling a reserve of 700 BTC in an announcement from President Bukele.

Then, on October 28th, 2021 President Bukele once again announced a smash-buy of an additional 420 BTC when the price dropped to $58,800, down from its previous highs of $67,000. This brought the total reserves to 1,120 BTC.

This article was originally published on bitcoinmagazine.com

Share to Social Media