El Salvador’s pro-bitcoin president updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500.
It’s safe to say that El Salvador is the most bullish country on bitcoin as it legalized the primary cryptocurrency earlier this year.
Since then, the president – Nayib Bukele – and his administration have used every opportunity to take further advantage of the opportunities in the market, such as planning to utilize the BTC profits to build schools and a pet hospital.
Most recently, Bukele announced intentions to build a designated Bitcoin City and buy $500 million more worth of the asset through a special bond.
Earlier today, Bukele updated that the country has indeed started to accumulate more coins. This purchase of 150 coins came amid BTC’s price crash as the asset dropped below $50,000 for the first time in two months.
With an average price of $48,670, this means that El Salvador spent $7.3 million to purchase the 150 bitcoins.
El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
It’s worth noting that bitcoin’s correction continued in the hours after president Bukele announced the latest purchase.
The cryptocurrency fell to its lowest price since late September of $42,000. Almost altcoins followed suit with massive double-digit price drops as over $600 billion were evaporated from the market cap at one point.
As of now, BTC has reclaimed some ground and stands close to $48,000, but it’s still 15% down on the day.
Featured Image Courtesy of ForeignPolicy
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