El Salvador has doubled down on its bitcoin commitment despite a heavy sell-off in the crypto market. The country has bought 80 more bitcoins, according to Salvadoran President Nayib Bukele.
El Salvador Bought the Bitcoin Dip
The president of El Salvador, Nayib Bukele, announced Thursday that his country has bought 80 more bitcoins. At the time of writing, BTC is trading at $20,323. It fell to a low of $18,784 shortly before Bukele announced the purchase. The Salvadoran president said El Salvador bought bitcoin at $19,000 each.
As the price of bitcoin continued to fall, the Salvadoran government came under heavy criticism over its cryptocurrency investments. The country made BTC legal tender alongside the U.S. dollar in September last year. Since then, it has purchased 2,381 bitcoins.
Earlier this month, Bukele gave some advice to bitcoin investors. “Stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” the president of the Central American country tweeted.
Furthermore, Finance Minister Alejandro Zelaya recently stated that El Salvador’s “fiscal risk” from bitcoin investment “is extremely minimal.”
What do you think about El Salvador buying more bitcoin during a market sell-off? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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