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
More For You
The Genius Act ripple effect: Sui executives say institutional demand has never been higher
Evan Cheng and Stephen Mackintosh said 2025 marked a turning point for institutional adoption, with tokenization and agentic commerce emerging as the next frontier.
What to know:
- Executives cited ETF flows, DAT growth and major trading firms entering crypto.
- Tokenization and instant settlement could blur the line between traditional and decentralized markets.
- Low-latency design and composable tooling aim to power AI-driven and tokenized financial use cases.
Top Stories
