El Salvador buys 500 bitcoins as the crypt market continues to decline

El Salvador buys 500 bitcoins as the crypt market continues to decline

El Salvador’s government added another 500 bitcoin to its cryptocurrency stockpile on Monday, marking the country’s largest purchase of the cryptocurrency in the midst of the market meltdown.

The transaction was done at an average price of $30,744 per bitcoin, or around $15.5 million altogether, according to Bukele. El Salvador had previously made the greatest purchase, purchasing 410 tokens for an average price of $36,585.

Millennials and bitcoin bulls President Naybib Bukele announced the government’s bitcoin fund increase in a tweet on Monday: “El Salvador recently purchased the dip!”

According to Bloomberg data, the company’s bitcoin reserves have increased to 2,301 tokens.

The nation first started adding the crypto to its government balance sheet in September 2021, when bitcoin became legal tender in El Salvador.

The latest purchase came after bitcoin fell as much as 12% on Monday to dip below $30,000 amid a steep sell-off in crypto and stocks. Currently, bitcoin is trading at around $31,598, more than 50% its all-time high from November.

Bukele had previously announced a $1 billion “bitcoin bond” and the world’s first “bitcoin city,” which would be built next to a volcano with the intention of harvesting geothermal energy for the project. He also has said El Salvador’s bitcoin profits would be used to build 20 schools.

But investors haven’t flocked to the bitcoin bond, and as of last week the crypto-backed offering hadn’t drawn a single buyer.

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