El Salvador buys the dip, adds nearly $25 million worth of Bitcoin to its stash
News

El Salvador buys the dip, adds nearly $25 million worth of Bitcoin to its stash

Saudu Clement
Saudu Clement

On Wednesday, El Salvador's president Nayib Bukele revealed that his government had purchased an additional 420 Bitcoin, increasing the total number of Bitcoin in its portfolio to 1,120 BTC.

According to data on TradingView, Bitcoin was trading at around $58.9K at the time the purchase was announced, putting the value of the transaction at around $24.7 million.

The purchase comes barely a month after the Central American nation added an extra 150 BTC to its crypto holdings, adding to the 550 BTC it previously accumulated.

Bukele tweeted Wednesday, "We just bought the dip!” a similar phrase he used after the September purchase.

Recall that Bitcoin became legal tender in El Salvador on September 7 following the passage of the Bitcoin Law this summer. However, the move was met with several criticisms that led to protests and the eventual destruction of properties.

Nevertheless, the Salvadorian government has not been deterred by the challenges and has continued to roll out Bitcoin-based innovations within the country.