El Salvador purchased 500 BTC at an average price of $30,744 to take advantage of the current market decline.
El Salvador buys 500 BTC
President, Nayib Bukele, said that the country had increased its BTC reserves. The country has purchased more than $15 million in BTC, which equates to 500 BTC at an average price of $30,744. The purchase comes as the crypto market has taken a significant hit today, with Bitcoin down 10% on the day and trading at $30.523,50.
After 9 Bitcoin purchases, the country currently possesses 2301 BTC worth more than $70 million. Prior to its previous purchase, the country’s portfolio had a 27 % loss, but El Salvador is looking to take advantage of the recent dip to lower its cost basis.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
A recent study found that Bitcoin adoption in El Salvador is not as successful as projected. According to a survey published, just four of ten Salvadorans who downloaded the state-run bitcoin (BTC) wallet Chivo stated they still use it after receiving the $30 bitcoin incentive offered by President Nayib Bukele’s government.
The International Monetary Fund (IMF) has criticized Bukele’s proposal to make bitcoin legal tender, urging the government to reconsider its reliance on the cryptocurrency. Still, President Nayib Bukele believes that, despite recent price movements in Bitcoin, it is the best decision for the country to become less dependent on the dollar.