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El Salvador buys the bitcoin dip, adding 500 coins to its balance sheet

El Salvador just added another $15.5 million worth of bitcoin to its balance sheet, as the world’s most popular cryptocurrency continues its sell-off.

In a tweet on Monday, President Nayib Bukele revealed that the country bought the dip, adding another 500 bitcoin to government coffers.

It is El Salvador’s largest coin purchase since it first began adding the digital currency to its balance sheet in Sept. 2021 — the same month it became the first country to adopt bitcoin as legal tender, alongside the U.S. dollar.

Bitcoin is down more than 8% in the last 24 hours, and it’s nearly 55% off its November all-time high.

El Salvador purchased bitcoin at an average price of $30,744, according to the president’s tweet.

The country’s total reserve is up to 2,301 bitcoin, or about $71.7 million at current prices, based on data tracked by Bloomberg.

This is the latest in a string of dip buys over the last nine months, in which President Bukele — who has tethered his political fate to the success of the country’s bitcoin experiment — has doubled down on his bitcoin bet, as the crypto market plummets.

The country’s decision to lean into bitcoin is not without its skeptics — a contingent that has been gaining momentum in recent months.

For months, the International Monetary Fund has bemoaned Bukele’s bitcoin experiment.

To read the full article go to: https://www.cnbc.com/amp/2022/05/09/el-salvador-buys-500-bitcoin-as-crypto-market-sell-off-continues.html

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I’m a beauty and fashion blogger based in Paris. I have two dogs and love drinking coffee in the middle of night.

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