El Salvador buys the dip – picks up 500 BTC worth roughly $15.5M for reserves

El Salvador just added another 500 Bitcoin (BTC) — worth roughly $15.5 million — to its reserves after the world’s most popular cryptocurrency fell to almost $30,000 on May 9.

President Nayib Bukele announced that the country had purchased the dip in a tweet, adding another 500 Bitcoin to the government’s coffers.

El Salvador has made the largest BTC purchase since adding Bitcoin to its balance sheet in September 2021, the same month it became the first country to accept Bitcoin as legal cash alongside the US dollar.

Bitcoin has dropped more than 8% in the previous 24 hours and is approximately 55% below its all-time high in November 2021.

According to the president’s tweet, El Salvador purchased Bitcoin at an average price of $30,744.

The buy is the latest in a run of BTC purchases by President Bukele, who has staked his political future on the success of the country’s Bitcoin experiment.

The country’s choice to embrace Bitcoin is not without detractors, who have grown in number in recent months.

The International Monetary Fund (IMF) has urged El Salvador to ditch Bitcoin as legal tender in a report published in January.

The IMF’s report — published after bilateral talks with El Salvador — stressed that the adoption of cryptocurrency “entails large risks for financial and market integrity, financial stability, and consumer protection. It also can create contingent liabilities.”

Meanwhile, over 75% of the country’s citizens were “skeptical” of Bitcoin, according to a July 2021 survey by Disruptiva. In September 2021, seven out of 10 El Salvador citizens voted to repeal the law that made Bitcoin legal tender.

The post El Salvador buys the dip – picks up 500 BTC worth roughly $15.5M for reserves appeared first on CryptoSlate.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

Overvalued or Undervalued? How much is Ethereum actually worth?

Ethereum (ETH) is one of the most popular and well-known cryptocurrencies. For the market, the Ether price is the second most important value after the Bitcoin. At the moment we saw a sharp drop in the value of Ethereum in 2022. But is Ethereum undervalued or overvalued today? In this article, we will tell you how much Ethereum

ETC Price Analysis: What is Ethereum Classic and its Battle With Ethereum

Ethereum Classic is a fork of Ethereum. People who closely observed the crypto world in 2016 know about the Ethereum hard fork. What is dramatic about the happening is that the once-vaunted “code is law” philosophy has been broken, pushing major waves in the crypto world. This post is all about ETC price analysis and its battle

Andreessen Horowitz Announces $4.5 Billion Fund for Crypto, Blockchain Sector

At a time when the digital assets market is witnessing an acute downturn, American venture capital fund Andreessen Horowitz has announced a new $4.5 billion fund for crypto and blockchain investments. This is the fourth fund from the Silicon Valley fund for the crypto asset class. Together, the fund now accumulates $7.6 billion. Andreessen’s first

Bullieverse Integrates ChainLink VRF for Bear Hunt NFT Game

The Bullieverse metaverse on Ethereum and Polygon have integrated the ChainLink Verifiable Random Function. The decision was made for a fair distribution of NFTs in the new Bear Hunt 3D game. Moreover, the function will help users verify the transparency of the game while also making sure everyone stands an equal opportunity to win the