El Salvador Buys The Wild Bitcoin Dip With 500 BTC Purchase

President Nayib Bukele announced the purchase of another 500 BTC leaving the total reserves of El Salvador at 1,620 BTC valued at $50 million.

  • El Salvador bought the dip with a purchase of 500 BTC.
  • The BTC purchase bolsters the already stacked reserves of El Salvador with a total of 1,620 BTC currently valued just shy of $50 million at time of writing.
  • President Bukele has a proven track record of dip-buying bitcoin during flash crashes.

El Salvador just bought the wild Bitcoin dip today with a 500 BTC purchase, at an average price of $30,744, according to a tweet from President Nayib Bukele.

The total purchase price comes to $15.3 million adding to the growing bitcoin reserves of El Salvador. With a cumulative 1,620 BTC the total reserves currently sit at $49.5 million with the current price of BTC hovering at $30,600, down from the all-time-highs of over $67,000.

As bitcoin is currently experiencing a flash crash and teeters the support of $30,000 the notorious pro-bitcoin president has quite the history of acquiring large amounts of BTC during dip-buying opportunities.

On September 6th, 2021 President Bukele announced to the world that El Salvador purchased 200 BTC and said that “Our brokers will be buying a lot more.” On that day, El Salvador became the first nation-state to put bitcoin on the balance sheet.

The following day, El Salvador announced that Bitcoin would be recognized as legal tender. On the same day, the price of BTC fell from $51,000 to $43,000, where Bukele once again announced that El Salvador had bought the dip for another 150 BTC, bringing the total reserves to 550 BTC.

On September 20th, 2021 President Bukele again bolstered the nation’s bitcoin reserve when BTC dipped to $45,500, down from its $50,000 highs. Through successive dip buys, the nation-state managed to acquire another 150 BTC equalling a reserve of 700 BTC in an announcement from President Bukele.

Then, on October 28th, 2021 President Bukele once again announced a smash-buy of an additional 420 BTC when the price dropped to $58,800, down from its previous highs of $67,000. This brought the total reserves to 1,120 BTC. 

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
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