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May 10, 2022

El Salvador Buys 500 BTC Amidst Dip

El Salvador, a Central American country, has added another 500 bitcoins ($15.5 million) to its portfolio during the recent major market sell-off.

El Salvador’s president, Nayib Bukele, revealed on Monday through Twitter that the digital asset was purchased for an average of $30,744 per unit.

Bitcoin was trading below $30,000 at the time of his statement, a 10-month low. Bitcoin is barely above $31,000 at the time of writing, down 5.37 percent in the last 24 hours.

The transaction is the country’s largest since Bitcoin became legal tender alongside US dollars last year. According to Bloomberg, the recent purchase boosts the Central American country’s total Bitcoin holdings to 2,301 bitcoins.

El Salvador has been losing money since it started buying the coin, according to CoinMarketCap data, but that hasn’t prevented Bukele from buying more.

Bukele has been highly bullish on Bitcoin, continuing to buy the dips in the hopes of seeing the price reach $100,000 this year. Remember when he predicted a $100,000 bitcoin price for 2022 in January?

Meanwhile, as part of El Salvador’s Bitcoin revolution, President Bukele announced in November that the country will build the world’s first Bitcoin-powered metropolis, financed by $1 billion in Bitcoin bonds.

Due to the current Russia-Ukraine conflict, the country’s Finance Minister, Alejandro Zelaya, indicated last month that the bond, which was intended to be issued between March 15 and 20, would be delayed.

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