Business
El Salvador bought $15 million worth of bitcoin as the market dropped
The country now owns 1,500 bitcoin worth $53 million, and plans to issue a $1 billion 10-year bitcoin bond later this year
January 24, 2022 4:11pm
Updated: January 25, 2022 12:41pm
El Salvador President Nayib Bukele announced on Monday that the Central American country bought 410 additional bitcoin for $15 million as the price of the cryptocurrency dipped.
"El Salvador just bought 410 #bitcoin for only 15 million dollars," the president tweeted on Friday. “Some guys are selling really cheap,” he added.
Nope, I was wrong, didn’t miss it.
— Nayib Bukele 🇸🇻 (@nayibbukele) January 21, 2022
El Salvador just bought 410 #bitcoin for only 15 million dollars 🥳
Some guys are selling really cheap 🤷🏻♂️ https://t.co/vEUEzp5UdU
After this most recent purchase, El Salvador now holds 1,500 bitcoins worth $53 million, according to CoinDesk. Reports indicate the country plans to issue a $1 billion 10-year bitcoin bond later this year.
Over the last week, bitcoin fell almost 20%. Throughout the course of January, the price of bitcoin declined by 29%.
In 2022, bitcoin has fallen almost 50% from its all-time high in November, when the cryptocurrency was worth $69,000.
Bitcoin has continued to fall since then. On Monday, it was trading at around $33,357.
Bukele has constantly bought more bitcoin whenever the currency drops. When the currency fell 22% in early December, Bukele traded 150 bitcoin for $48,670.
In September, El Salvador was the first country to make bitcoin legal tender, drawing criticism. Last week, rating agency Moody’s claimed that Bukele’s bitcoin holdings are adding to the country’s risk portfolio. Bloomberg also claimed that El Salvador’s bitcoin buying spree is subjecting the country to extreme volatility.
