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El Salvador Buys More Bitcoin: 420 BTC Added to Treasury

El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has bought the dip again. The Salvadoran government has purchased a total of 1,120 bitcoins, currently worth more than $68 million.

El Salvador’s Bitcoin Holdings Grow

El Salvador has bought the dip again, taking advantage of the falling price of bitcoin on Wednesday. President Nayib Bukele tweeted: “It was a long wait, but worth it. We just bought the dip.”

At the time of writing, the price of bitcoin is $61,129, down from an all-time high of almost $67,000 on Oct. 19 based on data from Bitcoin.com Markets.

The country made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC was around $46,000.

The day before its Bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. On Sept. 7, the price fell slightly, allowing the country to buy the dip (150 BTC). On Sept. 20, Bukeke said his country bought the dip again (150 more BTC), adding, “El Salvador now holds 700 coins.”

With 420 new coins, El Salvador has purchased a total of 1,120 BTC, worth more than $68.5 million at the time of writing.

What do you think about El Salvador repeatedly buying the dip? Let us know in the comments section below.

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