El Salvador puts its foot on the pedal to increase the size of its BTC holdings. The latest acquisition means the country has purchased over 2000 BTC.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
The Dip Is The Signal To Buy
El Salvador’s President, Nayib Bukele took to Twitter to announce the country’s latest Bitcoin purchase. The purchase saw 500 BTC added to the pioneering country’s stash amid a fall in asset prices. At the time of the announcement, Bitcoin was trading at around the $30.7K mark, meaning the value of the buy hovers around $15.3 million.
The purchase is coming on the heels of a decline in prices as Bitcoin fell below $33,000 to the lowest level since July 2021. Buying the dip is El Salvador’s modus operandi with the country seizing previous dips to beef up its BTC plans. The country opened its account by purchasing 700 BTC in installments within 2 weeks of its adoption of the asset as legal tender with the President taking to Twitter to thank the IMF for the dip in prices.
Erie is the lead editor at ZyCrypto and a highly prolific content producer with a focus on researching cryptocurrencies and has been engaged in the world of digital assets since 2015. Contact: Erie.Maxwell [at] zycrypto.com.