Share this article
El Salvador Acquires 500 Additional Bitcoin Amid Market Drop
President Nayib Bukele tweeted that his country “just bought the dip.”
Updated May 11, 2023, 6:55 p.m. Published May 9, 2022, 9:03 p.m.
Make us preferred on Google
The government of El Salvador, which was the first country to make bitcoin (BTC) legal tender last fall, has continued its bitcoin buying spree with the purchase of an additional 500 tokens for roughly $15.3 million, President Bukele tweeted on Monday.
- According to Bukele, the average price El Salvador paid for each bitcoin was $30,744. The price of bitcoin has dropped almost 10% to $31,053 over the last 24 hours.
El Salvador just bought the dip! 🇸🇻
— Nayib Bukele (@nayibbukele) May 9, 2022
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The bitcoin purchase made on Monday appears to be the tenth and the largest made by El Salvador so far.
- On Jan. 21, El Salvador made its last bitcoin purchase, acquiring 410 bitcoins at an average price of $36,585 per coin.
- El Salvador now appears to hold around 2,301 bitcoins, currently worth just under $71 million.
- El Salvador postponed its planned $1 billion bitcoin bond offering in March because of unfavorable market conditions, according to Finance Minister Alejandro Zelaya.
Read more: US House of Representatives to Consider Legislation on El Salvador’s Bitcoin Adoption
More For You
How CertiK rebuilt trust after Huione-related backlash
The cybersecurity firm has "no concrete plans" for an IPO despite reports to the contrary last month.
What to know:
- Despite receiving requests following CEO Ronghui Gu's Davos comments, the firm has no concrete public listing plan — Gu clarified media reports were exaggerated, noting valuation frameworks for web3-native companies remain undefined.
- Gu identified private-key mismanagement, deepfake impersonations, and oracle manipulation as growing threats surpassing traditional smart contract vulnerabilities.
Top Stories
