El Salvador has bought an additional 80 Bitcoins during the ongoing dip. The recent purchase has increased El Salvador’s total Bitcoin holdings to 2381 BTC. The country continues accumulating more coins despite the ongoing dips pushing Bitcoin to 2020 lows of below $20,000.
El Salvador buys an additional 80 BTC
The president of El Salvador, Nayib Bukele, announced the country’s recent purchase of 80 BTC. The country bought these coins for more than $1.5 million. The coins will go towards supporting the country’s Bitcoin law.
El Salvador made headlines last year after becoming the first country to adopt Bitcoin as legal tender. The country has been holding strong to ensure that the Bitcoin low is a success despite the recession in the market. The country has also made regular Bitcoin purchases during the recent price dips.
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In a recent tweet, Bukele noted that the recent stash was bought for $19,000 per coin. In the announcement, Bukele did not shy away from praising the primary cryptocurrencies, adding that it was part of the future. He also appreciated the low USD value that this coin was now trading at.
With the recent addition of 80 coins, El Salvador now has 2381 BTC in its holdings. These coins have all been bought at varying prices. The coins purchased during the past few months since the country passed the Bitcoin law have been bought at more than $105 million.
El Salvador is not affected by the Bitcoin dip
However, with the ongoing bear market, the total value of El Salvador’s Bitcoin holdings now sits at around $60 million in unrealized losses. Recently, the finance minister of El Salvador, Alejandro Zelaya, argued that the ongoing market conditions would not affect El Salvador’s financial status.
“When they tell me that the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile. The fiscal risk is extremely minimal,” Zelaya said.
When El Salvador passed its Bitcoin law last year, leading financial bodies such as the World Bank and the International Monetary Fund (IMF) said that these private cryptocurrencies posed a risk to financial stability. However, this has not deterred the country from adding more BTC to support the Bitcoin law. The Central African Republic became the second country to adopt Bitcoin as legal tender.
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